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fixed mortgages should banks gain from their sub-prime fiasco

edited 27 March 2014 at 11:01AM in Mortgages & Endowments
153 replies 8.2K views
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Replies

  • Thrugelmir wrote: »
    These extend well beyond your individual case in which I have no interest.

    Oh but you obviously do!!
  • dunstonh wrote: »
    Given the ramifications of this decision, I expect the media will pick up on it quickly. They do tend to look at ombudsman decisions and publish weird or unusual outcomes. This one has the potential to end fixed rate mortgages and is a major story. Until then, I remain sceptical. Either that or its a rogue adjudicator who will get overruled by an ombudsman upon appeal or there is some other issue not mentioned which is creating some outcome we cant see.

    Weird, unusual, sceptical, rogue, overruled and creating....

    Some people just cant accept when they're wrong, so much so they have to believe it is bizarre when a decision is different to theirs!!!

    You can lead a horse to water but a pencil has to be lead.
  • ThrugelmirThrugelmir Forumite
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    Oh but you obviously do!!

    The fact that you wish to spend your time arguing rather merely stating the facts speaks volumes.
    "The human understanding when it has once adopted an opinion ... draws all things else to support and agree with it." - Francis Bacon (1561 – 1626)
  • Thrugelmir wrote: »
    The fact that you wish to spend your time arguing rather merely stating the facts speaks volumes.

    Guess you miss the irony of your post????
  • PeacefulWatersPeacefulWaters Forumite
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    Guess you miss the irony of your post????
    It would be great if you could publish the full letter for us to help understanding of the context around the decision.

    It looks like a superb result for you.
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • inkibooinkiboo Forumite
    64 posts
    Part of the Furniture Combo Breaker
    Interested observer here as I have a tracker mortgage.

    Could you please publish the whole letter? The decision, if upheld, has very far reaching consequences that could run into hundreds of millions.


    Thanks.
    Smile and be happy, things can usually get worse!
  • inkiboo wrote: »
    Interested observer here as I have a tracker mortgage.

    Could you please publish the whole letter? The decision, if upheld, has very far reaching consequences that could run into hundreds of millions.


    Thanks.

    With respect I would have thought a tracker mortgage would have done very nicely in the past 5 years. I obviously do not know enough details on it or previous mortgages.
  • inkibooinkiboo Forumite
    64 posts
    Part of the Furniture Combo Breaker
    What I meant is I have nothing to gain from the outcome of your case. Would be very interesting to see the letter due to the wider repercussions.
    Smile and be happy, things can usually get worse!
  • JimmyTheWigJimmyTheWig Forumite
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    It looks like a superb result for you.
    I'm not so sure. It may be meaningless.

    Lets have a look again at what was said.
    Firstly.
    'There was nothing to make me think the bank could predict the the potential impact on interest rates created by the imminent banking crisis.'
    I think we all agree on that.
    However.
    'Whilst interest rates are unpredictable and any global event might potentially have an effect, the effect on interest rates came about as a result of the banking sector.'
    Again, that is fairly universally accepted.
    Therefore.
    'I conclude you would have been able to achieve a better rate of interest had you not taken out the fixed rate term before the crisis occurred.'
    That is without doubt a fact. [I'm not sure that it follows as a "Therefore" from the above, but is certainly true.]
    Finally.
    'I have instructed the Woolwich B.S to compose a compensatory package for losses arisen.'
    Perfectly reasonable. Depending on what they are compensating him for. What losses has the OP suffered? The OP assumes that the losses are the difference between the fixed rate and a variable rate. But knowledgeable people on here don't agree. What if there were other minor losses that the OP has demonstrated that the bank could have reasonably avoided? If there were then the result is perfectly reasonable.
  • Let_Us_SeeLet_Us_See Forumite
    1.3K posts
    Some people just cant accept when they're wrong, so much so they have to believe it is bizarre when a decision is different to theirs!!!

    You have entirely missed the point. Whether or not you believe or support the findings is immaterial, it is the possible far reaching consequences of such a judgement that is immediately recognised by people within the mortgage industry. If my understanding of this judgement is correct, then potentially this ruling could dwarf the billions paid out under PPI claims.

    I have no axe to grind with jonesowerstry but I would like to see the complete FoS ruling.
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