Mr. Declan Reid:

Yes, and the unfair terms in consumer contracts legislation states that any lender would not be allowed to change an interest, even if it is allowed in the contract, without valid reason. It is a level of protection afforded across the European Union at this stage but if a dispute was brought to the Financial Services Ombudsman, FSO, there is no valid reason for the movement in this variable rate or the standard variable rate, SVR, on this mortgage. If the FSO deemed that to be the case, that move would be essentially expunged.