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Democorruptcy

Co-Op Bank Ordered To Pay Compensation For Mortgage 'ageism'

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Ombudsman rules that bank shouldn't have refused to extend 59-year-old man's mortgage on the grounds that he was too old.
The Co-operative Bank has had to pay out compensation to a borrower after turning down an extension to his mortgage on the grounds that he was too old.
Peter Day wanted to extend his mortgage in order to pay for his daughter’s wedding. At the time he was 59 and close to paying off his mortgage, but asked to extend his term by five years.
However, despite having three final salary pensions ready to cover him in retirement, he was turned down for the mortgage extension by Co-operative Bank.
The lender has now been ordered to shell out £2,000 in compensation, having fallen foul of the Equality Act.
Mr Day told the Daily Mail that he had been appalled by the decision to reject his mortgage extension, adding: “It was clearly age discrimination as paying the money back and my current financial position were clearly no problem.”
The Co-op said that is has since changed its policy and extended the maximum age limit for mortgage repayment from 68 to 75.

Debt from working age to grave.

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I saw this reported in a Daily Mail article yesterday. According to LinkedIn he used to be employed by the Cooperative Bank. Judging by his career history and age, he shouldn't be short of cash. I wonder why he's still got a mortgage at 59?

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Judging by his career history and age, he shouldn't be short of cash. I wonder why he's still got a mortgage at 59?

Well, the daughter could have had a simple wedding for example.

But perhaps she's a friend of Tamara Ecclestone?

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