Tracker Mortgage Decision Reference 2022-0418

• Case Outcome: Rejected
• Reference: 2022-0418
• Date: 19 December 2022
• Year: 2022
• Subject Matter: Tracker Mortgage
• Finantial Sector: Banking
• Conducts Complained Of: Failure to offer appropriate compensation or redress CBI Examination

Decision Ref:

2022-0418

Sector:

Banking

Product / Service:

Tracker Mortgage

Conduct(s) complained of:

Failure to offer appropriate compensation or

redress CBI Examination

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 the subject of this complaint was secured on the

Complainants’ private dwelling house.

The loan amount was for €278,000.00 for a term of 30 years. Mortgage loan sub-account

ending 1938 drew down on 05 July 2005 on a tracker interest rate of ECB + 0.95%.

The Complainants’ mortgage loan account was considered by the Provider as part of the

Central Bank of Ireland directed Tracker Mortgage Examination (the “Examination”). The

Provider identified that a failure had occurred on the mortgage loan account and as such

the mortgage loan account was deemed to be impacted under the Examination.

The Provider wrote to the Complainants on 05 December 2017 advising them of the error

that had occurred on their mortgage loan account.

The Provider detailed “What happened on your mortgage sub-account” as follows:

“…When you drew down on a tracker rate you received a letter of offer that

used the term “Home Loan” to describe your mortgage. When you moved to a

fixed rate in May 2007 the document you received, when read in conjunction