Tracker mortgage ruling delayed
Published 29/10/2011 | 05:00
A HIGH Court judge has reserved judgment in a case where a bank has sought to overturn the decision of a Financial Services Ombudsman directing it to allow a couple revert to a tracker mortgage.
The Ombudsman had issued the order in February last against Irish Life & Permanent Plc, trading as Permanent TSB, after finding the lender should have made it clear to them in writing that they would lose their right to a tracker mortgage if they chose to opt out of their fixed rate three-year term early.
Mr Justice Michael White yesterday reserved judgment for two weeks in the case.
The couple had changed from their fixed-rate term to a variable rate for their 35-year mortgage in January 2009.
They had complained to the Ombudsman that it was not clearly explained to them they would lose their tracker.