The Financial Ombudsman Service (FOS) has published the latest issue of its newsletter, Ombudsman news (issue 126).
In this issue of Ombudsman news the FOS focuses on mortgages setting out a number of case studies. The FOS notes in particular that over the last few years it has continued to receive high numbers of complaints about mortgages and that a disappointing proportion of these involve administrative or communication errors which, with care and pragmatism, could have been sorted out without its involvement. However, the FOS also mentions that complaints that are, on the surface, about simple administrative issues may be rooted in something more serious. For example, complaints about the suitability of interest-only mortgages tend to arise towards the end of the mortgage term – when someone recognises they don’t have a way of repaying the capital.
View Ombudsman news – issue 126, 21 July 2015