Britain’s biggest lender has suffered a damaging defeat in a landmark ruling that could open the floodgates to complaints from thousands of “mortgage prisoners”.
The Financial Ombudsman Service has delivered a final verdict on a complaint from a mortgage customer against Lloyds Banking Group – which owns Halifax and Bank of Scotland.
The customer,cheap authentic jordans, who asked not to be named,cheap jordans, had been stranded on Bank of Scotland’s standard variable rate (SVR) for over four years. He paid thousands of pounds a year in extra payments because the bank refused his requests to move to a cheaper, fixed-rate deal, and fell into arrears at some points.
While fixed mortgage rates have fallen in line with the Bank of England base rate,cheap retro jordans, lenders’ SVRs have remained flat or increased (see chart,jordan shoes, below).
Thousands of people who took out mortgages before the financial crisis found they were barred from switching to new fixed-rate mortgages when existing deals ended.
Lenders said rules introduced following the crisis, known as the Mortgage Market Review,jordans for cheap, meant existing customers now failed stricter “affordability” tests. This led to the bizarre situation where customers, known as mortgage prisoners, were told they couldn’t afford to switch to cheaper rates.
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