Bank of Ireland is set to refund a total of just over €570,000 to 35,000 customers who were overcharged due to a miscalculation on their mortgages over the space of four years.

“Some customers were recently informed that we had incorrectly calculated their monthly mortgage repayments. This meant that they were paying on average 0.80c extra each month and the average total reimbursement to customers is €16.35,” a spokesman for the bank said.

Customer apologies

“We are in the process of writing to customers to notify them of this error, refund them the amount they overpaid to their mortgage, and to apologise for any confusion caused,” he said.

Meanwhile, 11,600 of the borrowers will see their monthly payments increase by an average of €2.09 a month as they had availed of standard temporary payment breaks in the past and the bank is now seeking to ensure their mortgages will be cleared by the original scheduled maturity date.