Tracker Mortgage Scandal – Redress Options

Claims by Tracker Mortgage holders against Banks operating in the Republic of Ireland

If you believe that you have been affected by the tracker mortgage scandal, then you may be entitled to seek redress and compensation* against your Bank.

As a mortgage borrower, you have a contractual right to a low-cost mortgage tied to the European Central Bank’s main rate. If, you believe you were wrongfully denied your entitlement to access a tracker mortgage or if the incorrect rate was applied to your tracker mortgage for any period, then you are not alone. Some mortgage holders have yet to be contacted by their Banks to notify them of overcharging and to offer compensation and remediation, whilst others have been offered redress that can be considered wholly inadequate against the scale of the lasting consequences that they have had to endure through no fault of their own. A full explainer, from the Irish Independent can be read below.

If you lost your home, property and if your circumstances were impacted to the extent that you suffered personal and economic hardship as a consequence of the actions of your Bank in the treatment of your mortgage, then it is possible for you to seek redress against your bank under Irish law.

We pride ourselves in providing expert guidance to our clients and our team of solicitors are on hand, ready to help you through each step. If you wish to understand the process, procedure and provisions of the Irish legal system with regard to a potential claim, contact Fin at Finghin.ODriscoll@fodsolicitors.ie or one of the team by calling:

Dublin 01 6854458
Cork 021 4204122
Galway 091 782181

We are aware of the sensitive nature of this matter and that it can be difficult to make the first step in seeking redress. To facilitate those that might prefer to provide a written summary of their circumstances before having a conversation on the matter, we have provided here a simple Call Back form to assist in the process.

Explainer: What is the tracker mortgage scandal and who is affected?

From the Irish Independent on October 13th 2017 – http://www.independent.ie/business/personal-finance/property-mortgages/explainer-what-is-the-tracker-mortgage-scandal-and-who-is-affected-36223340.html

The tracker mortgage scandal has been making headlines again in recent days as the issue is being examined by an Oireachtas committee. Here is everything you need to know about tracker mortgages and what went wrong for many who had them.

What are tracker mortgage rates?

Tracker mortgage rates are set at a percentage over the European Central Bank, and tend to be far cheaper than variable or fixed rates.

Why are they in the news?

At the end of 2015 it emerged that thousands of mortgage customers were denied a tracker interest rate on their mortgage which they were entitled to, resulting in the Central Bank ordering 15 lenders to trawl through their mortgage books to seek out all those who had been overcharged.

How many people have been affected?

The eventual number of mortgage accounts where the holders were wrongly denied a cheap tracker could be 30,000 – double the current estimate, financial adviser Padraic Kissane yesterday told TDs and senators.

Have people been compensated?

While most customers have now been restored to the correct tracker rate, the majority of banks have yet to refund homeowners the overcharged interest and compensate them.

What have been the consequences of the overcharging?

he consequences of overcharging are far reaching, with at least 100 families having lost their homes due to the tracker overcharging scandal, it has been estimated.

Yesterday the Dáil heard from customers who had been impacted by the overcharging, among them was homeowner Thomas Ryan who told the Oireachtas Finance Committee he suffered a stroke at the age of 47. His wife had a nervous breakdown.

When did the scandal become known?

Despite some people reporting the issue to the Financial Ombudsman back in 2008, it was a further seven years before the Central Bank conducted a serious in depth-investigation and forced the banks into a redress programme.