Tracker Mortgage Decision Reference 2021-0363

Case OutcomeRejected
Reference2021-0363
Date11 October 2021
Year2021
Conducts Complained OfFailure to offer a tracker rate throughout the life of the mortgage
Finantial SectorBanking
Decision Ref:
2021-0363
Sector:
Banking
Product / Service:
Tracker Mortgage
Conduct(s) complained of:
Failure to offer a tracker rate throughout the life of
the mortgage
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 was secured on the
Complainant’s private dwelling house.
The loan amount was €140,000.00 and the term of the loan was 25 years. The Offer of
Advance dated 3 September 2003 provided for a discounted variable home loan rate of
2.950%.
The Complainant’s Case
The Complainant submits that she took out a tracker mortgage with the Provider in 2004.
The Complainant states that she availed of “the special introductory offer of a cheaper
fixed rate” in 2004 and subsequently availed of “other fixed rate offers” until 2009.
The Complainant submits when the fixed interest rate term expired on her mortgage loan
account in 2009, the Provider withdrew the tracker rate option. The Complainant explains
that her mortgage loan account has been subject to a standard variable rate of interest
ever since.

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