Tracker Mortgage Decision Reference 2022-0413

• Case Outcome: Rejected
• Reference: 2022-0413
• Date: 16 December 2022
• Year: 2022
• Subject Matter: Tracker Mortgage
• Finantial Sector: Banking
• Conducts Complained Of: Failure to offer a tracker rate throughout the life of the mortgage

Decision Ref:

2022-0413

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 which is the subject of this complaint is secured on the

Complainants’ residential investment property.

The loan amount was €139,682.00 and the term of the loan was 25 years. The Loan Offer

Letter dated 21 February 2002, outlines that the interest rate applicable to the loan was a

discounted variable interest rate of 4.24% for the first 24 months of the loan, with the

“appropriate Buy to Let variable interest rate” to apply thereafter.

The Complainants’ Case

The Complainants note that they drew down a mortgage loan with the Provider in April

2002.

The Complainants outline that they requested details on a tracker mortgage during a visit

to the Provider’s branch in 2006, following the expiry of a fixed interest rate period. The

Complainants detail that they were “advised that [they] were not entitled to a tracker

mortgage”.