Image: RollingNews.ie Image: RollingNews.ie A MAN WHO lost his home due to his bank’s failure to offer him a tracker rate on his mortgage was offered €216,000 in redress and compensation by the lender.
In one case cited in the report, a man had moved from a tracker rate in 2008 to a three-year fixed rate. The Central Bank said if the correct tracker rate had been applied to his account, the man would have qualified for a longer term alternative repayment arrangement and his mortgage would not have been deemed unsustainable. And he would not have lost ownership of his home.
Since the start of the examination, 13,000 impacted accounts were identified by lenders. A further 20,000 were identified following a Central Bank challenge to the lenders. Some 60% of affected accounts arose from contractual or transparency failings. Related Reads 02.06.19 More banks to face fines over tracker mortgage scandal as officials coy about revealing cost details 30.05.19 'Unacceptable harm': The scandal that led to a record fine for one of Ireland's pillar banks
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: IrishMirror - 🏆 4. / 98 Read more »