Tracker Mortgage Decision Reference 2022-0137

Case OutcomeRejected
Subject MatterTracker Mortgage
Date21 April 2022
Finantial SectorBanking
Conducts Complained OfFailure to offer a tracker rate at point of sale,Failure to offer a tracker rate throughout the life of the mortgage
Decision Ref:
Product / Service:
Tracker Mortgage
Conduct(s) complained of:
Failure to offer a tracker rate at point of sale
Failure to offer a tracker rate throughout the life of
the mortgage
The complaint relates to one of the mortgage loan accounts held by the Complainants with
the Provider. The mortgage loan that is the subject of this complaint was secured on the
Complainants’ private dwelling house.
The Letter of Approval dated 15 June 2006 in respect of mortgage loan account ending
8098 detailed that the loan type was an “Equity Release Variable Rate Secured personal
Loan” to be drawn down on a standard variable interest rate of 3.85%. The loan amount
was for €115,000 and the term of the loan was 15 years.
The Complainants’ Case
The Complainants submit that they applied for mortgage loan account ending 8098 with
the Provider in 2006 and, during the application process, a representative of the Provider
offered the tracker mortgage initially via telephone”. The Complainants outline that they
subsequently completed paperwork which “confirm[ed] the tracker” rate of interest on
their mortgage loan account.
At the time of the application, the Complainants detail that they were seeking to re-
mortgage their primary mortgage loan account ending 3648, which was on a tracker
interest rate. The Complainants assert that they were instructed by the Provider to
drawdown the new mortgage loan account ending 8098 on the Provider’s standard
variable rate in order for a tracker interest rate to applied at a later date.

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