Tracker mortgages: over 1,700 complaints since 2008

In Ireland, the Financial Services Ombudsman has critised banks for overcharging people on their mortgages in a scandal that could eventually affect 20,000 people. Tracker rates are set at a percentage over the European Central Bank and they are substantially cheaper than variable or fixed rates. Even though most banks have restored affected customers to tracker rates, only three banks have given them refunds and compensated them. As can be seen from the following infographic featured in TheJournal.ie, the Financial Services Ombudsman has had to deal with a steady volume of tracker mortgage complaints since 2008.