Tracker Mortgage Decision Reference 2023-0080

• Case Outcome: Rejected
• Subject Matter: Tracker Mortgage
• Reference: 2023-0080
• Date: 31 March 2023
• Finantial Sector: Banking
• Conducts Complained Of: Failure to offer a tracker rate at point of sale,Failure to offer a tracker rate throughout the life of the mortgage

Decision Ref:

2023-0080

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 account that is the subject of this complaint is secured on the

Complainants’ private dwelling house.

The loan amount was €237,500.00 and the term of the loan was 35 years. The Amended

Loan Offer dated 25 April 2006 detailed that the interest rate applicable to the loan was a

5-year fixed interest of 4.90%, with a variable interest rate to apply thereafter.

Mortgage loan account ending 7627 was drawn down on 04 May 2006 by the First

Complainant.

The Complainants’ Case

The First Complainant outlines that he obtained mortgage loan approval from the Provider

in April 2006. The First Complainant submits that this was his “first major dealing with a

financial institution” and that a tracker interest rate was “not even marked as an option on

any paperwork made available to me for my consideration”.