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What is Tracker Mortgage Overcharging Scandal?

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What is Tracker Mortgage Overcharging Scandal?

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  1. What is Tracker Mortgage Overcharging Scandal?

  2. The tracker mortgage overcharging scandal was unveiled in 2015 when the central bank launched an industry-wide examination of tracker mortgages. In 2010, it had first obligated to shift their customers to appropriate tracker mortgages rates. At that period, banks were trying to find tactics to reduce the number of clients on mortgage tracker loans because their own borrowing costs had increased during the crisis.

  3. The ECB tracker mortgage is a mortgage where the interest rate paid on the loan by the client is the principal borrowing rate of the ECB plus about 1%.  This percentage greatly depends on what the banks themselves are offering. However, banks started urging tracker customers to move to fixed-rate options, explaining that fixed rates for a certain period of time would allow them to benefit from a certain level of certainty in terms of repayment.

  4. Customers were dismayed when they were not shifted back to their original tracker mortgage rate once the fixed-rate period was over. Customers were, instead, moved on higher fixed-rate and variable-rate loans. We offer a specialized service to accountants and financial consultants to keep a tab on overcharging scandal who wish to have their clients bank accounts forensically apprised. We liaise directly with the accountancy office without the need for contact with the client.

  5. Contact us- Loan Analysis Solutions Locations : Naas, Kildare, Ireland Email : contact@loananalysissolutions.ie Website : www.loananalysissolutions.ie

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