Tracker Mortgage Decision Reference 2026-0047

• Case Outcome: Rejected
• Year: 2026
• Reference: 2026-0047
• Date: 20 March 2026
• Subject Matter: Tracker Mortgage
• Finantial Sector: Banking
• Conducts Complained Of: Failure to offer appropriate compensation or redress CBI Examination

Decision Ref:

2026-0047

Sector:

Banking

Product / Service:

Tracker Mortgage

Conduct(s) complained of:

Failure to offer appropriate compensation or

redress CBI Examination

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

Background

This complaint relates to a mortgage loan sub-account ending 1285-1 held by the

Complainant with the Provider which was secured on the Complainant’s private dwelling

house.

The loan amount was for €260,000.00 (two hundred and sixty thousand Euro) and the

term of the loan was 40 years.

The Complainant’s mortgage loan sub-account ending 1285-1 was considered by the

Provider as part of the Central Bank of Ireland directed Tracker Mortgage Examination (the

“Examination”). The Provider identified that a failure had occurred on the mortgage loan

sub-account and as such the mortgage loan sub-account was deemed to be impacted

under the Examination.

The Provider wrote to the Complainant on 20 May 2019 advising him of the error that had

occurred on the mortgage loan sub-account. The Provider detailed as follows:

“…

- 2 -

/Cont’d…

Through the review conducted under the Tracker Mortgage Examination, you have

been identified as impacted by the use of ambiguous and confusing terminology in

the mortgage documents we provided you”.

With respect to what action the Provider would take on the impacted mortgage loan sub-

account, the Provider outlined as follows:

“…

As a first step, to prevent any further harm, we have taken immediate action to

correct the mortgage interest rate on your above sub-account.

This means that from 17/05/2019 the interest rate on your mortgage sub-account

has been changed to the tracker margin + ECB Base Rate, as outlined in the table

below.

New Gross Monthly Repayment Amount

€801.81

Current Gross Monthly Repayment Amount

€1,141.01

New Tracker Interest Rate*

1.05%

(1.05%+ ECB Base Rate)

Current Interest Rate – Flexible Variable Rate

4.20%

…

We will now continue with our detailed assessment of your mortgage sub-account

stated in this letter. This is likely to take a number of months due to the complexity

of the review and the necessity for independent assurance by a third party, which

will help us to ensure that all our customers receive a fair and consistent outcome.

The review will include assessing the impact this issue has had on the balance owing

on your mortgage with [the Provider]. Please note that as part of this remediation,

the Bank reserves the right to apply any redress amount to reduce any outstanding

arrears balances, where applicable. This will not impact the amount of any

compensation which may be due.

On completion we will write to you with details of any redress and compensation

due. You will also receive an amount in respect of Professional Advice, whether or

not you choose to seek such advice.”

The Provider wrote a further letter to the Complainant on 03 June 2019 detailing as

follows:

“Why your mortgage sub-account has been identified as impacted