Tracker Mortgage Decision Reference 2022-0304

• Case Outcome: Rejected
• Subject Matter: Tracker Mortgage
• Reference: 2022-0304
• Date: 31 August 2022
• Finantial Sector: Banking
• Conducts Complained Of: Failure to offer a tracker rate at point of sale,Failure to offer a tracker rate throughout the life of the mortgage

Decision Ref:

2022-0304

Sector:

Banking

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

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

Background

This complaint relates to a mortgage loan account which is held by the Complainants with

the Provider. The mortgage loan which is the subject of this complaint is secured on the

Complainants’ principal private residence.

The loan amount was €292,100.00 and the term of the loan was 30 years. The Loan Offer

dated 14 April 2005 outlines that the interest rate applicable to the loan was a “variable

base rate” of 3.25%.

The Complainants’ Case

The Complainants outline that they “applied and received approval” for their home loan in

April 2005. The Complainants submit that the interest rate options on their Home Loan

Application Form were “Variable/Fixed only”.

The Complainants state that they “were not provided [with] the opportunity to select a

tracker rate” on the Home Loan Application Form at that time. The Complainants submit

that “at no stage during the application process were [they] provided with information,

verbal or written, regarding the existence/availability of tracker rates”.