Unethical treatment of mortgage-holders
Sir, – The report “Ulster Bank to sell €900m in mortgages” (Business, July 3rd) indicates that Ulster and other banks who have engaged in this activity are unable, unwilling or uninterested in engaging effectively with the customers they sold and encouraged to take out these mortgages.
What the banks call engagement is a plethora of letters or phone calls requesting financial information with no face-to-face engagement to attempt a reasonable solution to the benefit of both parties.
The banks put much resources, in people and money, into selling these mortgages and encouraging customers to take mortgages. They now have responsibility to their customers and it is incumbent on them to put resources into mediating acceptable solutions rather than selling off mortgages at heavy discounts.
It is unethical the manner in which banks are treating their customers in this matter while marketing mortgages with incentives to attract new mortgage customers. – Yours, etc,
HUGH McDERMOTT ,
Dromahair, Co Leitrim.