Brendan Burgess
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This is a very complex case and I have extracted the two pages from the Ombudsman's report
The Appeals Panel decision is more interesting that the Ombudsman's decision which more or less backed it up
December 2004 - Lisa took out a tracker for 35 years
2007 She fixed for 4 years
2008 Broke out of fixed rate and put on SVR
(2011 Scheduled date for fixed rate to end )
2014 Traded up and took out a new 35 year mortgage with ptsb ( I assume)
2015 Included in original ptsb tracker redress scheme
ptsb paid a refund of €15k from 2011 - 2014 - i.e. from when the fixed rate was scheduled to end to when she redeemed the mortgage.
ptsb paid her €3,000 compensation.
She appealed to the Appeals Panel who decided
The refund should be from 2011, the date the fixed rate was scheduled to end, and not 2008, the date she broke out early.
ptsb to give her the portable tracker mortgage from 2014 when she traded up. She got a margin of 1.25% for the remaining 22 years
This resulted in €5,000 extra refund of overcharged interest
She initially accepted this, but ptsb took months to implement it, by which time she had changed her mind and rejected it.
She appears to have misunderstood this offer when rejecting it.
The Ombudsman clarified the offer and upheld it but awarded her an additional €3,000 compensation for ptsb's failure to implement the Appeals Panel decision quickly.
The Appeals Panel decision is more interesting that the Ombudsman's decision which more or less backed it up
December 2004 - Lisa took out a tracker for 35 years
2007 She fixed for 4 years
2008 Broke out of fixed rate and put on SVR
(2011 Scheduled date for fixed rate to end )
2014 Traded up and took out a new 35 year mortgage with ptsb ( I assume)
2015 Included in original ptsb tracker redress scheme
ptsb paid a refund of €15k from 2011 - 2014 - i.e. from when the fixed rate was scheduled to end to when she redeemed the mortgage.
ptsb paid her €3,000 compensation.
She appealed to the Appeals Panel who decided
The refund should be from 2011, the date the fixed rate was scheduled to end, and not 2008, the date she broke out early.
ptsb to give her the portable tracker mortgage from 2014 when she traded up. She got a margin of 1.25% for the remaining 22 years
This resulted in €5,000 extra refund of overcharged interest
She initially accepted this, but ptsb took months to implement it, by which time she had changed her mind and rejected it.
She appears to have misunderstood this offer when rejecting it.
The Ombudsman clarified the offer and upheld it but awarded her an additional €3,000 compensation for ptsb's failure to implement the Appeals Panel decision quickly.
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