Ulster Bank have stated to the Ombudsman that customers with this wording are impacted by ambiguous wording/clerical/administrative error. This applies to both people who originally took out a tracker mortgage and those who transferred.For Ulster Bank to overturn this decision, they will have to show that the Ombudsman was egregiously wrong.
The wording on the Flexible Transfer Form was:
The rate of the Ulster Bank Flexible Mortgage Product tracks ECB rate with a margin which is fixed for the life of the Home Loan.
Ulster Bank have stated to the Ombudsman that customers with this wording are impacted by ambiguous wording/clerical/administrative error.
"From the day following the expiry of any option selected above, the Ulster Bank Home Loan Rate shall apply in accordance with General Condition 2 of the Letter of Advance originally accepted by you being the Banks' General Conditions Relating to Advances by Ulster Bank Ireland Limited House Mortgages Section, which varies the Interest Rate, and the said General Conditions relating to the Advances shall be construed accordingly."
That kind of clarifies why they are going to the High Court does it not?
They won’t sell them to PTSB while the litigation is ongoing as this cohort of mortgages is unsaleable until matters are resolved.How will they price these mortgages when they sell them to permanent tsb? ptsb will not want to take over the court case and be arguing it in public and have a tracker case decided against them.
the High Court has not proven to be a happy place for financial institutions appealing decisions of the Ombudsman.
If seem fairly straightforward to me.How can we and others determine if we have the same issue?
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