Tracker Mortgage Decision Reference 2022-0135

• Case Outcome: Rejected
• Reference: 2022-0135
• Date: 21 April 2022
• Year: 2022
• Subject Matter: Tracker Mortgage
• Finantial Sector: Banking
• Conducts Complained Of: Failure to offer a tracker rate at point of sale,Failure to offer a tracker rate throughout the life of the mortgage

Decision Ref:

2022-0135

Sector:

Banking

Product / Service:

Tracker Mortgage

Conduct(s) complained of:

Failure to offer a tracker rate at point of sale

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 principal private residence.

The loan amount was €227,950.00 and the term of the loan was for 35 years. The

particulars of the Amended Letter of Offer dated 08 July 2008 detail the interest rate as

“Variable” at a rate of 5.90%.

The Complainant’s Case

The Complainant submits that she applied for her mortgage loan with the Provider

through a broker in 2008. The Complainant states that her understanding was that she

applied for and drew down a “tracker mortgage”.

The Complainant details that she has been informed by the Provider that it withdrew

tracker interest rates from its product offering in mid-2008, after the Provider issued the

loan offer. The Complainant states that “negotiations between my Broker and [the

Provider] commenced in January 2008 and were well underway before withdraw[a]l of

tracker mortgages”.