Good afternoon
Earlier this year Ulster Bank had a systems error whereby interest only investment mortgages did not switch to capital and interest after a specified time as per the mortgage contract. For example an investor took out a mortgage and was charged interest only for the first 5 years and then after this time the mortgage was due to switch to capital and interest. However due to a systems error the mortgage never reverted to capital and interest after 5 years and the investor continued to pay interest only until Ulster Bank discovered their error and then sent letters stating that the mortgages would switch to capital and interest. In some cases the capital shortfall was over 20k. I know Ulster Bank offered 4 solutions- did anyone take a case to the Ombudsman?
Earlier this year Ulster Bank had a systems error whereby interest only investment mortgages did not switch to capital and interest after a specified time as per the mortgage contract. For example an investor took out a mortgage and was charged interest only for the first 5 years and then after this time the mortgage was due to switch to capital and interest. However due to a systems error the mortgage never reverted to capital and interest after 5 years and the investor continued to pay interest only until Ulster Bank discovered their error and then sent letters stating that the mortgages would switch to capital and interest. In some cases the capital shortfall was over 20k. I know Ulster Bank offered 4 solutions- did anyone take a case to the Ombudsman?