Repayment Mortgage Decision Reference 2025-0220

• Case Outcome: Rejected
• Year: 2025
• Reference: 2025-0220
• Date: 23 December 2025
• Subject Matter: Repayment Mortgage
• Finantial Sector: Banking
• Conducts Complained Of: Failure to offer a tracker rate at point of sale

Decision Ref:

2025-0220

Sector:

Banking

Product / Service:

Repayment Mortgage

Conduct(s) complained of:

Failure to offer a tracker rate at point of sale

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

Background

This complaint relates to a mortgage loan account held by the Complainants with the

Provider. The mortgage loan that is the subject of this complaint was secured on the

Complainants’ private dwelling house (“PDH”).

The Letter of Approval dated 13 February 2009 in relation to mortgage loan account

ending 0693 provided for a loan amount of €159,000.00 and the term of the loan was for

13 years.

The Complainants’ Case

The Complainants submit that they drew down a mortgage loan with the Provider under

mortgage loan account ending 3206 on a variable interest rate and the purpose of the

additional mortgage loan was to “clear loan with [alternate provider] which was a tracker

loan, other to clear credit union” and refurbish the house with the remainder.

The Complainants submit that on expiry of the 24-month ‘new business’ variable rate, a

tracker interest rate of 4.95% (ECB + 0.95%) was applied to the mortgage loan by default in