Tracker Mortgage Decision Reference 2022-0132

Case OutcomeRejected
Subject MatterTracker Mortgage
Date19 April 2022
Finantial SectorBanking
Conducts Complained OfFailure to offer a tracker rate at point of sale
Decision Ref:
Product / Service:
Tracker Mortgage
Conduct(s) complained of:
Failure to offer a tracker rate at point of sale
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’ principal private residence.
The loan amount was €230,000.00 and the term of the loan was 19 years. The Letter of
Approval, which was signed by the Complainants on 29 September 2004, outlined that the
applicable interest rate for the term of the loan was the Provider’s variable interest rate, of
3.55%. The Complainants drew down the mortgage loan on 21 October 2004.
The Complainants’ Case
The Complainants outline that they held a mortgage loan account with the Provider in the
“1990’s” which was secured on their principal private residence. The Complainants submit
that they approached the Provider in 2004 seeking finance to purchase a second property
which was not intended to be their principal private residence.
The Complainants submit that they discussed interest rate options with a manager of the
Provider who informed them of a tracker interest rate option. The Complainants state that
they agreed that a tracker interest rate was the most suitable product for them. The
Complainants outline that, as the Provider’s representative advised them that a tracker
mortgage best suited their circumstances, they “had, of course, a reasonable expectation
that this would be the situation” and a tracker interest rate would be offered to them.

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