Tracker Mortgage Decision Reference 2022-0422

• Case Outcome: Rejected
• Subject Matter: Tracker Mortgage
• Reference: 2022-0422
• Date: 19 December 2022
• Finantial Sector: Banking
• Conducts Complained Of: Failure to offer a tracker rate at point of sale

Decision Ref:

2022-0422

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 was secured on the

Complainant’s principal private residence.

The loan amount was €215,000.00 and the term of the loan was 35 years. The Amended

Loan Offer dated 19 August 2005 detailed that the loan type was a standard variable

interest rate of 3.25%. Mortgage loan account ending 7381 drew down in three stages on

06 October 2005, 07 December 2005, and 16 December 2005.

The Complainant’s Case

The Complainant submits that he met with a representative of the Provider in August 2005

and applied for a mortgage loan. The Complainant notes that he received an Amended

Loan Offer dated 19 August 2005 providing for a mortgage loan in the amount of

€215,000.00 repayable over a period of 35 years on the Provider’s variable base rate of

3.25%. The Complainant states that the loan was drawn down in three stages between 06

October 2005 and 16 December 2005.