Financial Services Ombudsman Bill Prasifka has said his office is in contact with the Central Bank and the Financical Regulator regarding the rights of people on tracker rate mortgages.

It emerged this week that a number of people who held tracker mortages and had fixed them for a short period, were not allowed to return to the tracker rate by their financial institution.

However, a number of banks, including Ulster Bank, have been forced to allow customers back onto trackers, after cases were taken to the Ombudsman.

Mr Prasifka said 40% of banking complaints to his office relate to mortgages and- around a fifth relate to tracker mortgages.