Republic of Ireland Law
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1. At the outset, you need to realise that representations as to future conduct are not binding on a party unless there is some form of detrimental reliance on them. Here you took out a 15 year mortgage as part of a pension plan and were given a verbal utterance of a "gentleman's agreement" that the initial 10 year interest only arrangement would be continued for an additional 10 year period thereby supplanting the written 5 year interest and capital agreement which was to occur between years 10 & 15. In order to be valid, such a variation of the written terms of the agreement would have to be set down in writing, signed and agreed, supported by consideration. What occurred here was a mere "puff", written in water, that does not vary the written terms of the agreement, nor is it binding as it is a mere representation as to a future potential variation or conduct.
2. Despite what the layman believes, banks are effectively sellers of money in law, when they give out a loan. The rules relating to the sale of money are no different than if a person were selling food. A representation today that I will sell you a meal in ten years time for today's price is not binding. Nor is a representation that we will vary the terms of your 15 year contract for the sale of food after ten years to suit your needs. These sorts of utterances are just sellers "puffing" designed to get a sale and are made because they are not legally enforceable. The banker you dealt with was just a high class salesman of money who sold you something irrespective of what you needed.
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