Tracker Mortgage Decision Reference 2022-0146

• Case Outcome: Rejected
• Reference: 2022-0146
• Date: 22 April 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:

2022-0146

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 one of two mortgage loan accounts held by the Complainants

with the Provider.

The Complainants’ mortgage loan account ending 449/2, that is the subject of this

complaint, was secured on the Complainants’ residential investment property. The loan

amount was €262,000.00 and the term of the loan was for 30 years. The Letter of Offer

dated 19 March 2008 outlined the loan type as a “FLEXI RESLET ANNUITY” on an interest

rate of 4.89% “fixed for 24 months”.

The Complainants also hold another mortgage loan account ending 449/1 with the

Provider which was secured on the Complainants’ private dwelling house. Mortgage loan

account ending 449/1 is not the subject of this complaint however the Complainants rely

on the Provider’s treatment of mortgage loan account ending 449/1 in support of their

complaint in relation to mortgage loan account ending 449/2.

The Complainants’ Case

The Complainants submit that they obtained mortgage loan account ending 449/2 from

the Provider through a broker in 2008. The Complainants state that the loan product was

purchased through a broker on foot of a “marketing/sales flyer” that offered “all new

customers” a right to a tracker interest rate after a fixed interest rate period.