Tracker Mortgage Decision Reference 2022-0304

Case OutcomeRejected
Subject MatterTracker Mortgage
Reference2022-0304
Date31 August 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:
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”.

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT