Tracker Mortgage Decision Reference 2022-0288

• Case Outcome: Rejected
• Subject Matter: Tracker Mortgage
• Reference: 2022-0288
• Date: 26 August 2022
• Finantial Sector: Banking
• Conducts Complained Of: Failure to offer a tracker rate at point of sale

Decision Ref:

2022-0288

Sector:

Banking

Product / Service:

Tracker Mortgage

Conduct(s) complained of:

Failure to offer a tracker rate at point of sale

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

Background

This complaint relates to a mortgage loan account 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 loan amount was €250,000.00 and the term of the loan was 30 years. The Loan Offer

dated 30 September 2005 provided for a 5-year fixed interest rate of 3.75%.

The Complainants’ Case

The Complainants submit that they were only given “the option of a fixed or variable rate”

when they applied for their mortgage loan in September 2005, even though the Provider

“still had tracker mortgages available.” The Complainants state that the Provider “never

offered a tracker mortgage” interest rate option to them.

The Complainants detail that they would “of course” have chosen to apply a tracker

interest rate on their mortgage loan if it had been offered to them by the Provider. The

Complainants further detail that if a tracker interest rate had been applied to their

mortgage loan, the monthly repayments would have been €850.00 per month “as opposed

to €1,250 per month” on the fixed interest rate.