Repayment Mortgage Decision Reference 2022-0270

• Case Outcome: Rejected
• Subject Matter: Repayment Mortgage
• Reference: 2022-0270
• Date: 16 August 2022
• Finantial Sector: Banking
• Conducts Complained Of: Selling mortgage to t/p provider ,Delayed or inadequate communication, Dissatisfaction with customer service , Maladministration (mortgage), Misrepresentation (at point of sale or after)

Decision Ref:

2022-0270

Sector:

Banking

Product / Service:

Repayment Mortgage

Conduct(s) complained of:

Selling mortgage to t/p provider

Delayed or inadequate communication

Dissatisfaction with customer service

Misrepresentation (at point of sale or after)

Maladministration (mortgage)

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint concerns a mortgage account.

The Complainant’s Case

The Complainant held a mortgage account with the Provider, which was sold to a third party

and the Complainant complains that the sale was without his “consent or approval”.

The Complainant further asserts that the Provider is “not selling the loan, they are selling

the property, and if they can do this, then why am I paying property tax on something I don’t

own?”

The Complainant states that the “loan was performing” and that the decision to sell was a

“cherry picking exercise”. He further states that if he had been “made aware” of the

condition that his loan could be sold without his approval, he “would never [have] agreed to

the loan or the restructured agreement”. The Complainant further asks “How can the owner

of a property not be involved in the transfer of his property?”

The Provider’s Case