Anyone have any idea what this amount is ?
Hi Lard
Very hard to know what the amount might be without knowing the circumstances.
1) How much was your initial mortgage?
2) I presume you fixed? When did the fixed rate end?
This is only a stab in the dark. But let's assume you fixed in 2006 for three years. In 2009, they should have offered you a tracker rate of ECB +1.5% but didn't.
EBS didn't really push up SVR rates for a few years - so the difference between SVRs and trackers didn't amount to much until around 2012. The gap now is around 3%.
So let's say, you have been overcharged by around 3% a year for 4 years. ( It could be a lot more or less.)
That is 12% in total.
If your mortgage is €200,000, then you have been overcharged in the order of €24,000.
Your arrears will probably disappear.
You will then get either a refund of overpayments, or they will adjust your balance to where it would have been had they charged you the correct rate.
You will also get about 10% of the overcharge in compensation, but you could claim more if the incorrect arrears caused you other financial losses e.g. overdraft interest or credit card interest or a bad ICB record.
Brendan