Tracker Mortgage Decision Reference 2022-0410

Case OutcomeRejected
Reference2022-0410
Date16 December 2022
Year2022
Subject MatterTracker Mortgage
Finantial SectorBanking
Conducts Complained OfFailure to offer a tracker rate at point of sale
Decision Ref:
2022-0410
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 Complainants with the
Provider. The mortgage loan which is the subject of this complaint was secured on the
Complainants’ principal private residence.
The loan amount was €110,000.00 and the term of the loan was 20 years. The Letter of
Offer of Mortgage Loan dated 22 March 2002 provided that the interest rate applicable
was a variable interest rate of 4.25%.
The Complainants’ Case
The Complainants submit that they applied for a mortgage loan with the Provider in the
sum of €110,000.00 in March 2002. The Complainants outline that “shortly after” the
drawdown of the mortgage loan, the First Complainant was diagnosed with a serious
medical condition. As a result, the Complainants submit that the First Complainant
“immediately retired on health grounds”.
The Complainants outline that in late 2002, the Provider introduced tracker interest rates
however they were not informed of the introduction or existence of this interest rate

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