Overcharging By Inbs?

Looking for advice as to what this INBS mortgage customer can do?
He has just been made aware by INBS that he is currently paying a variable rate of 5.46% on a home loan which has been paid for the past 16 years - he has also just been advised that INBS are charging him a fixed commercial rate of 7.25% for a top up loan which he took out for home improvements on his house 2 years after he drew down his first mortgage!
(I worked in INBS back in the mid 90s so I wasn't too surprised when he was given this information)
Can he get the Financial Ombudsman or Financial Regulator involved here? I have asked him to get copies of his original loan offers from his solicitor to see what rates/terms he signed up for.
Thanks for any suggestions.

I am surprised that he got a loan for 7.25% 14 years ago. I would have thought that the rate was a lot higher back then. It's also odd that it would be fixed for such a long time.

Check the documentation first.

It doesn't look like there is any grounds for complaint here. The Irish Natiowide is expensive. If they have charged in accordance with the loan agreement, then that's it.

He should approach them for a reduction to their standard variable rate, which is 3.95% for existing customers. If he is not in arrears he should get this.

He probably should not switch lenders as he would lose out on a windfall of around €12,000.

Brendan

Our EBS variable rate mortgage was about 6.75% in 1995 if I recall correctly.

Yeah, the 7.25% rate must have been given to him at some time in the past 6/8 years when rates were around that level. He is adamant that he never signed any such fixed rate request form over the past 10 years so he will probably have to get Nationwide to send him on copies of any docs he did sign.
Told him about the windfall but as he has exactly 4 years to go on both loans, there is a possibility that they could be cleared in full before any such payout occurs. I presume he would lose out if they were not taken over by then?