What is Tracker Mortgage Compensation and Who Has Been Notified?

1
What is Tracker Mortgage Compensation and Who Has
Been Notified?
2
(No Transcript)
3

• Business and commercial conditions for interest
  are always kept on changing by Banks. Over a
  number of years these overcharges are impacting
  compound interest. Tracker mortgage compensation
  is to review and investigation, lenders have
  started writing to their customers informing them
  of the mistake, advising them of the adjustment
  to the rate applied on their mortgage, and
  indicating how much they will be reimbursed.
• But its important to remember not everyone has
  yet been notified.

4

• Similarly Tracker mortgage compensation has
  commenced contacting impacted customers, but its
  review is still in progress while Ulster Bank
  says it has not yet contacted everyone So, there
  is still potentially a significant number of
  people who are likely to hear from their lender
  over the coming weeks and months. If you suspect
  you were overcharged, you may be anxious to find
  out how much you will be due back. However its
  not an easy calculation. On personal finance
  advice website Tracker mortgage compensation
  burgess has some useful calculators that might
  help. He gives the example of someone with a
  100,000 mortgage over 20 years at an interest
  rate of 5 per cent. As the correct rate on the
  mortgage should have been 4 per cent, the person
  should be due a refund cheque of some 12,036.

5

• But in addition to the amount people are owed,
  calculated as the differential in interest
  between the rate that should have been applied
  and the rate that was, mortgage account holders
  are also being offered compensation, but this
  differs from bank to bank.
• Ulster Bank declined to indicate how much it is
  offering, but it is understood that Permanent TSB
  is offering 10 per cent, while AIB is offering up
  to 15 per cent on home loans, and 7.5 per cent on
  buy-to-let mortgages. Those affected are also
  being offered a fee towards the cost of
  professional advice. This means that if you are
  owed 30,000 from PTSB for example, you could
  stand to gain an additional 3,000 in
  compensation.

6

• However, Tracker mortgage compensation as the
  process is ongoing, those affected may not
  receive the money owed to them until sometime in
  2017.
• Remember, if the bank says you were overcharged
  and tells you by how much, make sure you get a
  copy of its calculations and either check the
  figures carefully yourself, or get them verified
  professionally.

7
Contact us-

• Loan Analysis Solutions
• Locations Naas, Kildare, Ireland
• Email contact_at_loananalysissolutions.ie
• Website www.loananalysissolutions.ie