EU Law may offer stronger protection than FSPO claims in Irish mortgage mis-selling cases

If you were mis-sold a mortgage in Ireland before 2009, you’re not alone. Thousands of Irish residents are trapped in unaffordable mortgages, many of which were sold under misleading terms. The Financial Services and Pensions Ombudsman (FSPO) offers a pathway for making mortgage mis-selling claims. But even if the Ombudsman rejects your case, all is not lost. European Union consumer law provides a powerful and effective route for obtaining justice.

Making an Irish mortgage mis-selling claim  

If you took out an Irish residential mortgage before 2009, you may have been mis-sold and you could be entitled to compensation.  

Over 100,000 Irish mortgages have been sold to a debt servicing company, leaving up to 200,000 homeowners with increasing financial pressure and significant stress. If you are affected, lawyers believe you could be entitled to up to €500,000 in compensation, depending on your losses. 

The four main types of mis-sold mortgages include:  

  • Interest-only mortgages: Where your lender failed to assess how you would repay the full amount borrowed when the term ended. 
  • Self-certification mortgages: Where your lender failed to verify your income in line with regulatory standards. 
  • Mortgages beyond retirement age: Where your lender failed to assess how you’d make payments after retiring. 
  • Re-mortgages to consolidate debt: Where your lender did not fully inform you about the true cost combining debts into your refinanced mortgage. 

Understanding FSPO limitations 

At Join the Claim, we put you in touch with Irish mis-selling specialists who will help you file a robust complaint with the Financial Services and Pensions Ombudsman (FSPO). The Ombudsman serves as a mediator for disputes between consumers and financial institutions. However, there are drawbacks to relying on this avenue for mis-selling claims, including: 

  • Lengthy process: The FSPO often takes several years to resolve cases. Expert mortgage mis-selling experts have told us claims via the Ombudsman can take four or more years, leaving people trapped in financially precarious situations. 
  • The Ombudsman doesn’t take the homeowner’s side: The FSPO is a neutral mediator funded by the Department of Finance and the banks, it is not on the side of the consumer. 
  • The law used: The FSPO relies on Irish law for mis-selling claims, rather than European consumer law, which offers much more robust protection. 

You can also make a mortgage mis-selling claim directly to the FSPO without the help of a lawyer, accountant, or banking professional. 

EU Law provides hope for rejected claims

If the FSPO rejects your claim, our mis-selling partners will appeal your case to the Irish High Court, and if necessary, to the European Court of Justice. If you have already made a mortgage mis-selling claim to the FSPO, and it has been rejected, its not too late to Join the Claim and seek an alternative path to justice. 

By leveraging European legislation, people affected by mortgage-mis-selling may find it easier to hold the lenders accountable and get the compensation they deserve. 

  • Stronger consumer protections: EU law holds financial institutions to higher standards of care, transparency, and consumer rights. These laws are designed to protect consumers from unsuitable financial products, which is central to the mis-selling cases in Ireland. 
  • Faster resolution: Under the EU Alternative Dispute Resolution Directive, complaints should be dealt with in three months, as opposed to the years it can take under FSPO processes. This allows for faster relief from financial burdens, which is essential for people struggling with high-interest mortgage rates. 

Take action today 

If you are one of the 200,000 individuals affected by a mis-sold mortgage in Ireland, don’t wait. EU law provides you with a clear, fast, and strong path to compensation, one that prioritises your rights and financial security.  

By taking action through a team of experts well-versed in European consumer law and banking, you can reclaim what’s rightfully yours with no financial risk to you—thanks to no-win, no-fee agreements. 

If you are under pressure from a debt servicing company or its agent, or are already in the court process, you have options. Join the Claim and these options will be discussed after your registration. 

How to make a claim 

  1. Check your eligibility: Use our fast and free online eligibility checker to see if your mortgage is one of thousands eligible to join the claim. 
  1. Join the claim: Provide a few details about your mortgage and join the claim online. We’ve made the process easy and jargon-free. 
  1. Let your legal team* do all the hard work: We’ll connect you with Irish mis-selling experts who will investigate your claim, keep you updated, and aim to get your compensation.  

By taking action now, you are standing up for your rights and helping to create a fairer financial system for everyone. Start your claim today and reclaim what’s rightfully yours!

* Join the Claim is not a law firm. Instead, we help make eligibility checks easy and connect eligible claimants with a regulated law firm.  

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If you were mis-sold a mortgage in Ireland before 2009, you’re not alone. Thousands of Irish residents are trapped in unaffordable mortgages, many of which were sold under misleading terms. While the Financial Services and Pensions Ombudsman (FSPO) offers a pathway for making claims, European Union law may provide a more powerful and effective route for getting justice.