Repayment Mortgage Decision Reference 2022-0272

• Case Outcome: Rejected
• Reference: 2022-0272
• Date: 16 August 2022
• Year: 2022
• Subject Matter: Repayment Mortgage
• Finantial Sector: Banking
• Conducts Complained Of: Misrepresentation (at point of sale or after),Arrears handling -Mortgage Arears Resolution Process , Delayed or inadequate communication, Dissatisfaction with customer service

Decision Ref:

2022-0272

Sector:

Banking

Product / Service:

Repayment Mortgage

Conduct(s) complained of:

Misrepresentation (at point of sale or after)

Arrears handling - Mortgage Arears Resolution

Process

Delayed or inadequate communication

Dissatisfaction with customer service

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint concerns the Complainants’ mortgage loans held with the Provider, which

were subsequently sold to a new owner.

The Complainants’ Case

The Complainants state that when they originally took out their mortgage in 2001/2002, the

Provider’s terms and conditions did not advise them that the Provider “could at any point

sell on the loan”.

The Complainants further state that due to a serious i llness, the mortgages fell into arrears

in 2008.

The Complainants say that the Provider approved a recapitalisation offer in March 2018 for

€51,676.67, to restructure the larger mortgage account; the recapitalisation offer was made

following the assessment of a Standard Financial Statement submitted by the Complainants

to the Provider.

The Complainants further advise that the Provider failed to recapitalise the smaller

mortgage loan for the amount of €24,000, which they state had been agreed by the Provider

as part of the recapitalisation process. The Complainants state that the Provider apologised

for this administration error in May 2018, which resulted in a delay in the recapitalisation

process for this second loan, for a further six months.