Tracker Mortgage Decision Reference 2021-0368

Case OutcomeRejected
Subject MatterTracker Mortgage
Reference2021-0368
Date14 October 2021
Conducts Complained OfFailure to offer a tracker rate at point of sale
Finantial SectorBanking
Decision Ref:
2021-0368
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 private dwelling house.
The loan amount was for €95,000 and the term of the loan was 25 years. The Letter of
Offer of Mortgage Loan dated 08 August 2003 provided for a fixed interest rate of 2.75%
for the first 12-months of the loan with the Provider’s variable interest rate to apply
thereafter.
The Complainant’s Case
The Complainant submits that he drew down mortgage loan account ending 1076 in
December 2003 for the sum of €95,000 with a fixed interest rate of 2.75% applying for the
first year of the loan, with the Provider’s variable interest rate to apply thereafter.
The Complainant states that he received a letter from the Provider dated 22 December
2003 informing him that he would be “advised” of the interest rate options available to
him prior to the expiration of the 1-year fixed interest rate.

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