Tracker Mortgage Decision Reference 2022-0411

• Case Outcome: Rejected
• Subject Matter: Tracker Mortgage
• Reference: 2022-0411
• Date: 16 December 2022
• Finantial Sector: Banking
• Conducts Complained Of: Failure to offer a tracker rate throughout the life of the mortgage

Decision Ref:

2022-0411

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 is secured on the

Complainants’ private dwelling house.

The loan amount was €245,000.00 and the term of the loan was 30 years. The Offer of

Advance dated 01 June 2006 provided that the interest rate applicable to the mortgage

loan was a fixed interest rate of 4.49% until 31 July 2008, which would convert

to the Provider’s “Variable Home Loan Rate”.

Mortgage loan account ending 2646 was drawn down on 26 June 2006.

The Complainants’ Case

The Complainants submit that they purchased a property in 2006 and applied for a tracker

mortgage as stated in the housing mortgage application form. The Complainants submit

that “upon drawing down the mortgage” they fixed their mortgage for two years with the

“expectation to move onto a tracker rate in 2008.”