Debate Magazine

"HSBC Rapped for Doing Something Sensible"

Posted on the 13 April 2015 by Markwadsworth @Mark_Wadsworth

From The Daily Mail:
A couple in their 40s became unusual victims of common sense after their bank rejected an interest only £250,000 mortgage equity withdrawal application because it deemed the husband to be too old.
HSBC was ordered to pay them compensation after the banking industry watchdog found it ‘relied on sensible assumptions and were acting in the couple's best interests' in the case.
The banking giant was criticised for refusing to hand over £250,000 secured on unrealised and unearned capital gains on a home on which the purchase mortgage had not even been paid off yet because the husband would have been over 65 when the 18-year-deal finished, according to The Sunday Times.


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