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27/02/2013
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
(H)
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
(H)
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