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Tracker mortgage scandal continues to Grow

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The tracker mortgage scandal is set to widen again.

A leading expert now expects 20,000 homeowners to end up being restored to trackers and compensated, after being charged the wrong interest rates.

Up to now it was thought that 15,000 mortgage holders were affected, but there are at least 5,000 more victims.

It comes as the Central Bank is due this month to issue an update on the efforts by banks to restore trackers holders to the correct rates, and compensate them.

At the end of 2015, the Central Bank ordered 15 lenders to trawl through their mortgage books to seek out all those who have been overcharged.

Most customers have been restored to the correct tracker rate, but the majority of banks have yet to refund homeowners the overcharged interest and compensate them.

This mess has been described as the largest financial scandal to hit this country. At least 100 mortgage holders lost their homes because of the tracker rate issue. Tracker rates are set at a percentage over the European Central Bank, and tend to be far cheaper than variable or fixed rates.