Frank O’Rourke TD has called on banks to put Tracker mortgage customers on the correct tracker rate now.
“Thousands of mortgage customers continue to be denied the correct tracker rate to which they are contractually entitled, and I am calling on banks to put tracker mortgage customers on the correct rate now.”
“A family with a mortgage of €200,000 which is wrongly paying a variable rate of around 4% and should be paying a tracker rate of 1%, is paying about €500 every single month in interest more than it should be paying” stated Deputy O’Rourke.
“This is simple unfair both to the mortgage customer, who has much demands on their income, but also on the economy. This money could be available for increasing consumer demand and stimulating local economies.”
“I know from my colleague, Finance Spokesperson, Michael McGrath, that 11,700 mortgage customers have been either denied their tracker rate or have been charged the incorrect rate.”
“Incredibly, the Central Bank has not imposed any deadline on the banks for customers to be put on the correct tracker rate.
“The Central Bank says that banks are required to reinstate customers on to the correct rate as soon as they have been identified. This pace of progress is not acceptable. The number one priority for the Central Bank has to be to ensure that customers who are being wrongly denied a tracker rate or who are being charged the wrong tracker rate are put on the correct rate without any further delay,” concluded Deputy O’Rourke.
