UK Court overturns Ombudsman's ruling, Ulster Bank not required to refund tracker mortgage borrowers.
A UK court has overturned a ruling by the Financial Services and Pensions Ombudsman that required Ulster Bank to refund two borrowers and provide compensation related to their tracker mortgages. The Court of Appeal found errors in the Ombudsman’s assessment of the mortgage contracts, stating the borrowers were not entitled to return to a tracker rate after switching. The case will be re-evaluated by the Ombudsman, potentially affecting 5,300 similar borrowers.
September 20, 2024
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