As the tracker mortgage scandal unfolds many people find themselves in various stages of uncertainty as regards their situation.
You may have received an offer of compensation from your bank, you may have had your interest rate re-adjusted, or you might have simply had a letter from your bank telling you that you have been affected. You may even be unaware of a problem.
No matter what stage you are at you need to think about the following steps:
Your mortgage contract is the key to whether you have been directly impacted or not. If you do not have your mortgage documents at home you then not to worry, you can request this direct from your lender via a data access request.
What are you looking for?
There are a number of issues that currently constitute “impacted” mortgages.
You were on a tracker rate, moved to a fixed rate and then were denied a tracker rate
According to the Central Bank, some 60 per cent, or 7,800, of the 13,000 impacted mortgages have arisen because the borrowers were not offered a tracker rate when they should have been.
You received the incorrect rate of interest on your tracker mortgage loan
According to the regulator, a further 40 per cent of the 13,000 impacted in the latest review did not receive the correct margin.
You were never on a tracker but were never offered a tracker when your fixed rate finished
There are a large number of mortgage holders excluded from redress schemes at present who were on fixed rate mortgages who were then then denied the opportunity to switch to a fixed rate. This is an active area of investigation as to whether this cohort of people are indeed liable for redress.
Get Professional Advice
If you think you might have a claim then it is worth taking the time to get professional advice from your solicitor.
Moran & Ryan are high qualified solicitors who are already actively taking action against Permanent TSB in regard to tracker mortgage issues.