Tracker Mortgage Decision Reference 2022-0271
Case Outcome | Rejected |
Subject Matter | Tracker Mortgage |
Reference | 2022-0271 |
Date | 16 August 2022 |
Finantial Sector | Banking |
Conducts Complained Of | Failure to offer a tracker rate throughout the life of the mortgage |
Decision Ref:
2022-0271
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
Background
This complaint relates to a mortgage loan account held by the Complainant with the
Provider. The mortgage loan that is the subject of this complaint was secured on the
Complainant’s private dwelling house.
The loan amount was €140,000.00 and the term of the loan was 25 years. The Loan Offer
dated 20 January 2003 provided for a 1-year discounted variable interest rate to apply to
the mortgage loan account.
The mortgage loan account was drawn down in full on 13 March 2003.
The Complainant’s Case
The Complainant submits that the Provider approved his application for a mortgage loan,
subject to the Provider’s variable interest rate on 20 January 2003.
The Complainant submits that he requested a tracker interest rate to be applied to his
mortgage loan account in 2006, however the Provider informed him that his mortgage
loan “would not qualify”.
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