Main issue seems that these are mortgages that were taken out before trackers arrived on the market. The customers then requested a move o a tracker, then they requested a move to a fixed rate and then they did not take up any of the options and reverted back to the standard rate that the original mortgage was on.Hi John
I don't even know which issues are being challenged.
If there are three different issues the case could take a few days and it usually takes the Judge a few months to issue a decision.
Brendan
UB's argument is that you don't revert to the immediate previous rate. I can see some merit in their argument, but can't see it succeeding as a customer would have seen the move to a tracker as a permanent rate change whereas a move to a fixed rate is a change for just that period and that should then revert to the rate of the most recent permanent change when that period is up.
My money is on a win for the Ombudsman