Brendan Burgess
Founder
- Messages
- 52,091
Decision reference 2020 -0048
This is my summary of the Ombudsman's summary
In 2008 Paul and Alice had a home with no mortgage on it.
They took out a mortgage of €500k on a cheap tracker to buy another house.
In 2011, they sold their existing house for €337k
They needed a new mortgage of €163k to fund the shortfall.
The bank said that was a new mortgage and they were not entitled to a tracker.
The Ombudsman agreed with the bank that it was a new mortgage and that the bank was under no obligation to offer the borrowers a tracker.
Brendan
This is my summary of the Ombudsman's summary
In 2008 Paul and Alice had a home with no mortgage on it.
They took out a mortgage of €500k on a cheap tracker to buy another house.
In 2011, they sold their existing house for €337k
They needed a new mortgage of €163k to fund the shortfall.
The bank said that was a new mortgage and they were not entitled to a tracker.
The Ombudsman agreed with the bank that it was a new mortgage and that the bank was under no obligation to offer the borrowers a tracker.
Brendan