Brendan Burgess
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Charlie Weston has a front page article in today's Indo
New hope for borrowers in variable rate nightmare
Last Wednesday, the Court of Appeal heard the appeal by the Ombudsman against the High Court's ruling in the Millar complaint against Danske over the high Standard Variable Rate as reported on Askboutmoney at
High Court tells Ombudsman to look at Danske Bank's rate increase
The three judges in that court reserved judgment, which means they will provide a written decision at a later date.
Success for the Millars will have massive implications for around 320,000 homeowners on variable rates, and another 60,000 buy-to-let investors.
The case was heard before Mr Justice Peter Kelly, Ms Justice Mary Finlay Geoghegan and Mr Justice Michael Peart this week.
Founder of the Askaboutmoney.com website Brendan Burgess said: "The banks are scared stiff that the High Court judgment, which found against the ombudsman, will be upheld by the Court of Appeal.
"The implications for this are huge. It could affect almost everyone with a variable rate mortgage."
Barrister David Langwallner, who represented the Millars, said the case has huge implications.
"It will be a precedent-setting judgment, as it will regulate the banks' capacity to vary standard variable rates, if there is a qualifying ability to vary rates in the contact.
"And it will regulate the extent of the judiciary's ability to review the decisions of the financial services ombudsman.
New hope for borrowers in variable rate nightmare
Last Wednesday, the Court of Appeal heard the appeal by the Ombudsman against the High Court's ruling in the Millar complaint against Danske over the high Standard Variable Rate as reported on Askboutmoney at
High Court tells Ombudsman to look at Danske Bank's rate increase
The three judges in that court reserved judgment, which means they will provide a written decision at a later date.
Success for the Millars will have massive implications for around 320,000 homeowners on variable rates, and another 60,000 buy-to-let investors.
The case was heard before Mr Justice Peter Kelly, Ms Justice Mary Finlay Geoghegan and Mr Justice Michael Peart this week.
Founder of the Askaboutmoney.com website Brendan Burgess said: "The banks are scared stiff that the High Court judgment, which found against the ombudsman, will be upheld by the Court of Appeal.
"The implications for this are huge. It could affect almost everyone with a variable rate mortgage."
Barrister David Langwallner, who represented the Millars, said the case has huge implications.
"It will be a precedent-setting judgment, as it will regulate the banks' capacity to vary standard variable rates, if there is a qualifying ability to vary rates in the contact.
"And it will regulate the extent of the judiciary's ability to review the decisions of the financial services ombudsman.