Tracker Mortgage Decision Reference 2023-0081

Case OutcomeRejected
Year2023
Date31 March 2023
Reference2023-0081
Subject MatterTracker Mortgage
Finantial SectorBanking
Conducts Complained OfFailure to offer a tracker rate at point of sale
Decision Ref:
2023-0081
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 is secured on the
Complainant’s private dwelling house.
The loan amount was €217,000.00 and the term of loan was 35 years. The Mortgage Loan
Offer Letter dated 02 November 2007 detailed that the interest rate applicable to the
mortgage loan was “Fixed for 3 years” at 5.24%, with the Provider’s prevailing variable
interest rate to apply thereafter.
Mortgage loan account ending 8856 drew down on 20 December 2007 and was fully
redeemed on 29 September 2020.
The Complainant’s Case
The Complainant submits that he “was never offered the opportunity to avail of the
Tracker rates in November 2007”. The Complainant states that when he queried tracker
interest rates with the Provider at the time, he was informed by the Provider that “they
were no longer available”. The Complainant outlines that while he was subsequently
investigating the matter, he found that his mortgage loan application form contained three

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