Tracker Mortgage Decision Reference 2021-0363

• Case Outcome: Rejected
• Reference: 2021-0363
• Date: 11 October 2021
• Year: 2021
• Subject Matter: Tracker Mortgage
• Conducts Complained Of: Failure to offer a tracker rate throughout the life of the mortgage
• Finantial Sector: Banking

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.