Tracker Mortgage Decision Reference 2022-0423

• Case Outcome: Rejected
• Subject Matter: Tracker Mortgage
• Reference: 2022-0423
• Date: 19 December 2022
• Finantial Sector: Banking
• Conducts Complained Of: Failure to offer a tracker rate throughout the life of the mortgage

Decision Ref:

2022-0423

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 principal private residence.

The loan amount was €280,000.00 and the term of the loan was 35 years. The Letter of

Offer dated 09 June 2006 which was accepted by the Complainant on 09 June 2006

provided that the interest rate was “Fixed For 36 months”.

The mortgage loan account was drawn down on 31 July 2006.

The Complainant’s Case

The Complainant submits that she applied for a mortgage loan with the Provider through a

third-party broker in June 2006. The Complainant details that a loan offer issued on 09

June 2006, which she accepted and signed on 04 July 2006. The Complainant submits that

she subsequently drew down a mortgage loan on a 3-year fixed interest rate.

The Complainant states that the Provider issued a “flyer” communication to all brokers on

07 November 2006 which stated that “all [the Provider’s] Homeloan fixed rates will now