Professor Philip Lane:

The principle was to be universal about it, so it is not just private dwelling homes but also buy-to-let. First, it was if one originally had a tracker interest rate. The second was if in the underlying mortgage agreement, the tracker interest rate was an option in that agreement. The third is if one ever had the option to go onto a tracker interest rate. It is a universal approach. The reason it is so complex is that many different problems have arisen - there are all sorts behind the basic idea of a tracker examination. For most people on trackers, there has been no problem. They got their tracker, held onto it and it has moved along. The problems are where people were moving from trackers to fixed rates and what happened next, where it was not properly explained to people what was implied by giving up a tracker and so forth. It is 33,000, which is a large number of people, but it remains contained to where problems have arisen.