Tracker Mortgage Decision Reference 2022-0303

Case OutcomeRejected
Subject MatterTracker Mortgage
Reference2022-0303
Date31 August 2022
Finantial SectorBanking
Conducts Complained OfFailure to offer a tracker rate throughout the life of the mortgage
Decision Ref:
2022-0303
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 Complainants with the
Provider. The mortgage loan that is the subject of this complaint was secured on the
Complainants’ principal private residence.
The loan amount was €390,000.00 and the term of the loan was 35 years. The particulars
of the mortgage loan offer accepted by the Complainants on 01 June 2006 detailed that
the interest rate was “Fixed For 36 months”.
The Complainants’ Case
In June 2006, the Complainants note that they drew down a mortgage loan with the
Provider on a 35-year term, with a fixed interest rate of 4.49% to apply for the first 36
months. On the expiry of the fixed interest rate period in June 2009, the Complainants
submit that they were not offered a tracker interest rate and the Provider’s standard
variable interest rate of 3.49% was applied to the mortgage loan.
The mortgage loan account was facilitated through a broker, and the Complainants submit
that this is how the Provider “provided mortgages at the time”. The Complainants explain

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