Tracker Mortgage Decision Reference 2022-0113

Case OutcomeRejected
Subject MatterTracker Mortgage
Reference2022-0113
Date30 March 2022
Finantial SectorBanking
Conducts Complained OfFailure to offer a tracker rate throughout the life of the mortgage
Decision Ref:
2022-0113
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 Complainants with the
Provider. The mortgage loan that is the subject of this complaint is secured on the
Complainants’ private dwelling house.
The loan amount is €300,000 and the term of the loan is 30 years. The Letter of Offer
signed by the Complainants on 28 November 2003 provided for a 3-year fixed interest rate
of 4.25%.
The Complainants’ Case
The Complainants detail that they took out a mortgage with the Provider in September
2002 to purchase their family home. The Complainants explain that the mortgage
comprised two separate loans, the first of which was on a staff business interest rate and
the second loan was on a standard variable interest rate.
The Complainants submit that they began engaging with a relationship manager of the
Provider in May 2003 as the First Complainant was planning to end her employment with
the Provider and therefore wanted to secure a non-staff mortgage. The Complainants
explain that they redeemed the two loans drawn down in 2002 on 19 December 2003, and
they secured a new non-staff mortgage in the sum €300,000. The Complainants note that
mortgage loan account ending 5026 was subsequently drawn down on a 3-year fixed

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