Not upheld: product selection dispute and alleged fraudulent amendment complaint against National Westminster Bank PLC

Decision detail

Summary

Mrs F complained that NatWest failed to apply a seven-year interest rate product she selected in 2020, instead applying a five-year product. She alleged NatWest acted fraudulently and manufactured documents. The ombudsman found that Mrs F had selected a five-year product online in December 2020, as clearly shown in the product description and subsequent documentation. NatWest did not offer seven-year rates in December 2020, and the variation agreement and mortgage illustration explicitly stated the product was a five-year fixed rate until 31 March 2026. The ombudsman rejected the fraud allegations and upheld NatWest's £125 compensation offer for poor service when Mrs F raised her concerns.

The Ombudsman's reasoning

The ombudsman found that the evidence provided by NatWest was credible and consistent. The product description Mrs F selected clearly indicated a five-year product, not a seven-year product. The variation agreement and mortgage illustration issued on 30 December 2020 explicitly stated the product was a five-year fixed rate until 31 March 2026. NatWest did not offer seven-year rates in December 2020, as evidenced by the schedule of available rates. The ombudsman rejected Mrs F's allegations of fraud and document manufacturing, finding instead that NatWest provided clear information in accordance with its regulatory obligations. The £125 compensation for poor service was deemed fair and reasonable.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website