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”.