West One Loan Limited

Financial Ombudsman decision DRN-5223201 Upheld

Upheldoutcome, as published by the Ombudsman

—no sum stated

Thu Feb 13deadline to accept (not the decision date)

The Ombudsman does not print a decision date. The date above is the deadline the consumer was given to accept or reject the decision, which is set about a month after it was issued. It is reliable to the year, not to the month.

What this decision was about

Interest and rates, Mortgage administration

In the Ombudsman’s words

West One queried the price at which the property was offered for sale. It said the asking price was substantially more than the value of the property and therefore the property wasn’t being marketed for sale at market conditions. West One said S was in breach of the loan contract and applied an increased interest rate for one month.Interest and rates

I don’t think it was fair and reasonable in the circumstances for West One to apply the standard rate of interest or start legal action in May 2024. I think West One should refund: • any costs related to starting legal action (such as the letter before action) applied to the loan account, and • the difference between the interest applied to the loan account at the standard rate of interest and the amount of interest that would have been applied at the reduced rate of interest.Mortgage administration

Source

This page summarises the Ombudsman’s published final decision. The document itself is the record: DRN-5223201.pdf on financial-ombudsman.org.uk.

The outcome shown is the Ombudsman’s own published classification, not our reading of the text. Nothing here is legal advice, and a decision concerns only the complaint it was made about.