Tracker Mortgage Decision Reference 2022-0297

• Case Outcome: Rejected
• Subject Matter: Tracker Mortgage
• Reference: 2022-0297
• Date: 31 August 2022
• Finantial Sector: Banking
• Conducts Complained Of: Failure to offer a tracker rate at point of sale

Decision Ref:

2022-0297

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’ principal private residence.

The loan amount was €50,000.00 and the term of the loan was 20 years. The Loan Offer

dated 28 May 2008 detailed that the loan type was a standard variable interest rate of

5.33%.

The Complainants’ Case

The Complainants outline that they drew down mortgage loan account ending 1080 in

December 2003 on a standard variable interest rate. The Complainants submit that in

2006 they applied for a top-up loan to extend and renovate their house. The Complainants

further submit that in 2007 they asked a staff member of the Provider for a “tracker rate

to be applied to both these mortgages (the mortgage we took in 2003 and the top-up we

took in 2007)”. The Complainants state that the Provider “agreed” to apply a tracker

interest rate to both mortgage loan accounts ending 1080 and 4659.