Tracker Mortgage Decision Reference 2022-0301

• Case Outcome: Rejected
• Reference: 2022-0301
• Date: 31 August 2022
• Year: 2022
• Subject Matter: Tracker Mortgage
• Finantial Sector: Banking
• Conducts Complained Of: Failure to offer a tracker rate at point of sale

Decision Ref:

2022-0301

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 Complainant with the

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

Complainant’s private dwelling house.

The loan amount was €185,000.00 and the term of the loan was 35 years. The Loan Offer

dated 25 November 2005 detailed that the interest rate applicable to the mortgage loan

was a variable interest rate of 3.25%.

Mortgage loan account ending 9387 was drawn down on 20 February 2006.

The Complainant’s Case

The Complainant submits that when she applied for her mortgage loan in 2005, she was

told by an employee of the Provider that the Provider was “not doing Tracker Mortgages

anymore.” The Complainant submits that she has “since learned that [she] could have

availed of a tracker mortgage and therefore [her] repayments would have been

considerably cheaper.”