Letters will be coming through the post soon – Harry Dwyer Moneycare
Many mortgage holders will be aware that there is a full review of customer tracker rates as a result of some poor treatment by the banks over the last number of years. This took many forms but primarily removing many customers from trackers, changing their rates and putting people in a significantly disadvantaged position whereby many felt under pressure, sold their homes or in certain cases got their homes repossessed unnecessarily
The banks are carrying out this review on the insistence of the Central Bank and hopefully all tracker customers who have been disadvantaged in any way, compensation will be given to them for how they have been miss treated
What form may that compensation take you might ask. To those mortgage tracker holders who were removed from a tracker rate, they should be put back on their tracker rate at the exact date they were wrongfully removed and interest should be recalculated and a credit put on their account for the amount of interest that they were overcharged .This will have the effected of reducing a mortgage balance quite significantly depending upon the length of time that they had been taken off the lower rate. Furthermore the banks will offer some form of compensation and a funding to seek independent advice to ensure that you fully understand the process.
If you had your house repossessed and you were removed from the tracker rate before this, your compensation amount could be very big indeed.
Banks are reviewing all tracker mortgages, people will be getting letters in the door offering them compensation some unexpectedly , so if you feel that you have been changed in any way on your mortgage seek independent advice today from your financial advisor as you could be entitled to compensation.