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FOS intervenes in Co-op mortgage ageism spat

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The Financial Ombudsman Service has intervened after the Co-operative Bank denied a 59-year-old a mortgage extension.

Peter Day had nearly paid off his mortgage when he applied for a five-year extension, according to the Mail.

When the Co-operative said no, despite Day having three final salary pensions, Day went to the FOS.

The ombudsman overruled the Co-operative Bank decision and requested they pay Day £500 compensation and to cover the £1,389 it cost him to switch lenders.

An FOS spokesman says the body could not comment beyond saying the ombudsman had reached a provisional decision on the issue that all parties had agreed on.

A Co-operative Bank spokeswoman would not comment.

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  • Carl McGovern 2nd February 2016 at 4:14 pm

    This ruling by FOS seems like a sensible one and reminds me of another decision they made, where they ruled against a lender, who declined a case on age. I firmly believe that the lenders need to start taking a more sensible approach to lending to older applicant’s. I have a client at the minute, who has tried to get his term extended, by one of the major banks, as he has reached age 70. They have given him a 1 year extension, which makes no sense, as he pays the current Mortgage from pension income, that will only end on his death. This case can be Re Mortgaged away, but I will keep plugging away at them extended the term further, as it is in the clients best interests to do so.