Tracker Mortgage Decision Reference 2022-0419

• Case Outcome: Rejected
• Subject Matter: Tracker Mortgage
• Reference: 2022-0419
• Date: 19 December 2022
• Finantial Sector: Banking
• Conducts Complained Of: Failure to offer a tracker rate at point of sale

Decision Ref:

2022-0419

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 buy-to-let (“BTL”) property.

The loan amount was €160,000.00 and the term of the loan was 17 years. The Letter of

Offer of Mortgage Loan dated 12 December 2007 detailed that the type of loan was an

“Interest Only reverting to Annuity” loan.

The mortgage loan that is the subject of this complaint was transferred to another

financial services provider on 6 August 2019.

The Complainant’s Case

In or around October 2007, the Complainant submits that he approached the Provider

seeking a mortgage loan to purchase an investment property. The Complainant submits

that this loan was to be “part of a family settlement”.

The Complainant notes that he has learning/reading difficulties, and that the Provider is

aware of his condition. The Complainant states at the time he verbally applied for his

mortgage loan in or around October 2007, he followed up with a letter to the Provider