Update on Ulster Bank’s Tracker Mortgage Examination

Tracker Mortgage Examination

Tracker Mortgage Examination update
 

The Central Bank of Ireland (‘Central Bank’) has required all relevant lenders to conduct a comprehensive review of their mortgage portfolios (‘The Tracker Mortgage Examination’). In line with this, Ulster Bank is reviewing its contractual and regulatory obligations to our tracker mortgage customers.

While our review is ongoing, we have identified a group of tracker mortgage customers who have been affected by the use of ambiguous and confusing terminology in our mortgage documentation.

We would like to apologise to those customers who have been adversely impacted as a result of this failure. The first step we are taking to remedy this is correcting the interest rates on these accounts, in order to prevent any further harm to impacted customers. We will write directly to those impacted customers in the coming weeks, confirming their new interest rate and payment amount.

In addition, we will implement a redress and compensation programme in respect of those customers impacted by this issue, in line with the principles prescribed by the Central Bank. We will be writing to those customers to outline what impact we have found, together with our proposals to put things right, including any redress and compensation due. We will also outline details of payments that will be made available towards the cost of independent professional advice for impacted customers and provide details of the appeals process for any impacted customer not satisfied with the level of redress and compensation provided.

 

Ulster Bank Chief Executive, Gerry Mallon said:

“On behalf of Ulster Bank, I would like to apologise for the lack of clarity that has led to this impact. Please be assured that we are doing everything possible to resolve this and we are focused on putting this right for our customers.

"We will begin contacting our customers shortly, to advise of the rate changes that will be made for those found to be impacted. I also want to thank our customers for their continued patience in this matter.”

 

Separately, in line with the Tracker Mortgage Examination, we will continue to review our contractual and regulatory obligations to our remaining tracker mortgage customers. The review will take some time to complete and other customers may be identified as impacted as we progress through this work. Our activity is in line with the principles outlined by the Central Bank and is also being assured by an independent third party. We are not in a position to confirm exact timeframes or the final number of impacted customers at this stage.

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Tracker Mortgage Examination

We have put in place a dedicated tracker mortgage enquiries team to assist with any additional queries our customers may have.

Should you wish to contact us, please call on 1800 303 352 Freephone/Lo-Call from mobiles or +353 1 562 1269 if calling from abroad.

Lines are open 9am to 5pm Monday to Friday excluding public holidays. Calls may be recorded.

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