Tracker Mortgage Decision Reference 2021-0362

• Case Outcome: Rejected
• Reference: 2021-0362
• Date: 11 October 2021
• Year: 2021
• Subject Matter: Tracker Mortgage
• Conducts Complained Of: Failure to offer a tracker rate at point of sale
• Finantial Sector: Banking

Decision Ref:

2021-0362

Sector:

Banking

Product / Service:

Tracker 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

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

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

Complainant’s principal private residence.

The loan amount is €234,600 and the term of the loan is 40 years. The Offer of Advance

which was signed on 17 July 2006 outlined that the interest rate applicable to the loan was

“[the Provider’s] Variable Home Loan Rate less 0.55%” from the date of drawdown until 31

January 2007, with the Provider’s “Variable Home Loan Rate” to apply thereafter.

The Complainant’s Case

The Complainant states that he took out a mortgage with the Provider in February 2006 in

the amount of €234,600 through a third-party broker. At the time, the Complainant

explains that he was only offered “a variable interest rate loan or a Fixed rate”. The

Complainant maintains that there was “absolutely no discussion of any offer of a tracker

mortgage”.