Ulster Bank Admit Mortgage Error

Ulster Bank has issued an apology after 1,000 customers were put on the incorrect mortgage.

Mortgage customers had been given the option to pay only the interest and not the capitol on their loans for between two and five years.

However, some 1,000 customers did not have payments transferred to interest and capital at the date when that was supposed to happen.

The under collection of capital was €40m. The bank accepts it made a mistake.

In a statement the bank said it had identified the error and reported it to the Central Bank.

Customers have now been given four options to deal with the underpayment.

• An interest-free loan equal to the under-collected sum, which would be paid over time

• An extension to the term of the mortgage

• To repay capital and interest over the current term

• To repay the amount owed in a lump sum


Related Irish News Stories
Click here for the latest headlines.

04 December 2019
Labour: More Gardaí Required In Dublin
More Gardaí are needed to effectively tackle crime in Dublin, the Labour Party has warned. Senator Kevin Humphreys called for more bodies in the city following the publication of the CSO crime statistics.
05 October 2017
Customers Affected By Tracker Mortgage Scandal Rises To 3,500
The number of Ulster Bank customers affected by the tracker mortgage scandal has risen from 2,000 to 3,500. At a meeting of the Oireachtas Finance Committee this morning, 05 October, Ulster Bank executives confirmed that the number of people affected by the scandal had risen.
31 July 2012
CAI Urges Ulster Bank Customers To Complete Online Form
The Consumers' Association of Ireland (CAI) is urging Ulster Bank customers who were affected by the recent technical issues to contact them and complete an online form.
03 July 2012
RBS Say Ulster Bank Problems Could Continue Into Next Week
The ongoing problems at Ulster Bank could continue into next week, parent company Royal Bank of Scotland has said. RBS Chairman Philip Hampton apologised to customers for the technical errors that have led to the disruption of account payments of Ulster Bank customers for almost two weeks.
03 September 2010
ATM Charge Proposals Panned
Proposals by Fianna Fail's Justice Minister Dermot Ahern to introduce charges for ATM withdrawls have been met with wide criticism, and accusations of being a "cynical distraction". Mr Ahern's suggestion came on the heel of yesterday's robbery of an AIB branch and the abduction of a bank official's wife.