Wrong Rate Applied...Who's Responsible?

J

Jane1

Registered User
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48
Hi,
my fixed mortgage rate never changed over to a higher variable rate after the agreed period of time and so saved my a few thousand euro. I was only recently made aware of this. Who is responsible for the money owing? Can the bank ask me to repay the outstanding balance?

Regards Jane.
 
I don't think so. It's up to the bank to notify you of the new rate. By default, the old rate is the new rate if they don't change it.

Brendan
 
Thanks Brendan,
hopefully that will be the case. If they seek to recoup the funds I will just have to get legal advice. It's not my fault. Im a customer not a banker!

Regards Jane.
 
No need at all for legal advice.

The Financial Services Ombudsman is great. They will look at your case and make an independent and fair assessment. No costs. And very quick.

Brendan
 
You must exhaust the lender's complaint process and get a final response letter before the FSO will entertain any complaints.
 
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