Surge in tracker mortgage decisions expected by ombudsman

Irish Times | Nov 19, 2019 at 6:31 PM
  • Financial services and pensions ombudsman Ger Deering said he expected to issue “a considerable number” of decisions on tracker-mortgage complaints in the coming weeks, as the focus shifted to his office after the Central Bank issued its final report on the matter.
  • Mr Deering recently issued 15 legally binding decisions on tracker complaints – with two of these upheld, two substantially upheld, three partially upheld, and eight rejected – as the ombudsman progressed cases this year that had been paused as the Central Bank carried out an industry-wide examination.
  • The bank’s final report on matter, issued in July, found that 40,100 borrowers had either been wrongly refused a cheap mortgage linked to the European Central Bank rate or put on the wrong rate entirely.