Tracker Mortgage Decision Reference 2023-0014

Case OutcomeRejected
Reference2023-0014
Date23 January 2023
Year2023
Subject MatterTracker Mortgage
Finantial SectorBanking
Conducts Complained OfFailure to offer a tracker rate at point of sale,Failure to offer a tracker rate throughout the life of the mortgage
Decision Ref:
2023-0014
Sector:
Banking
Product / Service:
Tracker Mortgage
Conduct(s) complained of:
Failure to offer a tracker rate at point of sale
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 was secured on the
Complainants’ private dwelling house.
The loan amount was for €625,600.00 and the term of the loan was 30 years. The
Amended Loan Offer Letter dated 30 January 2007 outlined that the interest rate was a
three-year fixed interest rate of 4.83%, with a variable interest rate to apply thereafter.
The Complainants’ Case
The Complainants state that when they applied for a mortgage loan with the Provider,
they “selected a tracker mortgage”. The Complainants explain that they “needed a top-up
loan to purchase [their] home” and that the application form stated that the top-up loan
was to be at a tracker rate”. The Complainants submit that their original loan offer “was
for a tracker mortgage”.
The Complainants maintain that when they called into a branch of the Provider in January
2007 to finalise the paperwork and sign all the relevant documentation [they] were not
offered a tracker mortgage as an option at all”. The Complainants assert that they were

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