Tracker mortgage rulings can only be overturned on ‘serious and significant’ error, court told

The court has heard the outcome of the three cases could have a bearing on thousands of other borrowers who had tracker mortgages with the bank.

Referencing case law that dealt with previous ombudsman decisions, Ms Barrington said judges often referred to findings that were “reasonably open” to the ombudsman, who was “entitled” to reach a conclusion that a judge disagrees with. She said the ombudsman’s decision-making process was not as formal as the court process.

Mr McCullough has focused on one of the three cases. He said the ombudsman did not say in its case decision last year how Ulster Bank breached the Consumer Protection Code 2006 by not allowing the borrowers to return to a tracker rate. The borrowers signed a so-called flexible mortgage transfer form in early 2006, entitling them to move on to a tracker loan. As ECB rates were rising, in May 2007, they subsequently applied to fix their interest rates until August 2010.

Source: Law Daily Report (lawdailyreport.net)

Ireland Latest News, Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ulster Bank says ombudsman failed to show it behaved improperly in tracker casesBank maintains it is ‘untenable’ to insist it gave option to go back to tracker mortgage product that it no longer offered
Source: IrishTimesBiz - 🏆 6. / 77 Read more »

Donohoe upbeat on recession; Ulster fights tracker mortgage rulings; and 400 drug jobs goDonohoe upbeat on recession; Ulster fights tracker mortgage rulings; and 400 jobs to go at drug-maker Novartis. Catch up on all the latest news and analysis from The Irish Times business desk.
Source: IrishTimesBiz - 🏆 6. / 77 Read more »

All efforts must be made to prevent fresh NI Assembly elections, says CoveneyPolitical impasse continues in North as Minister meets with Sinn Féin, Alliance, SDLP and Ulster Unionists
Source: IrishTimes - 🏆 3. / 98 Read more »

AIB becomes first major bank to pass on mortgage rate hikesThe lender will raise its new fixed rates by 0.5 per cent across its AIB, EBS and Haven brands
Source: businessposthq - 🏆 8. / 71 Read more »