Tracker Mortgage Decision Reference 2022-0425

• Case Outcome: Rejected
• Subject Matter: Tracker Mortgage
• Reference: 2022-0425
• Date: 19 December 2022
• Finantial Sector: Banking
• Conducts Complained Of: Failure to offer a tracker rate at point of sale

Decision Ref:

2022-0425

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 account that is the subject of this complaint is secured on the

Complainant’s private dwelling house.

The loan amount was €244,000.00 and the term of the loan was 35 years. The Amended

Loan Offer dated 29 February 2008 detailed that the interest rate applicable to the loan

was a five-year fixed interest rate of 5.11%

The mortgage loan was drawn down on 13 March 2008.

The Complainant’s Case

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

2007 through an affordable housing scheme.

The Complainant submits after going through a lengthy application process with the

Provider, she was “finally approved a 97% mortgage of €244,000 over a term of 35 years”.

The Complainant asserts that she was not given the option of all available interest rates

and never given the option of a tracker interest rate.