Tracker Mortgage Decision Reference 2022-0113

• Case Outcome: Rejected
• Reference: 2022-0113
• Date: 30 March 2022
• Year: 2022
• Subject Matter: Tracker Mortgage
• Finantial Sector: Banking
• Conducts Complained Of: Failure 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