Tracker Mortgage Decision Reference 2022-0146

Case OutcomeRejected
Subject MatterTracker Mortgage
Reference2022-0146
Date22 April 2022
Finantial SectorBanking
Conducts Complained OfFailure 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.

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