Tracker Mortgage Decision Reference 2023-0081

• Case Outcome: Rejected
• Subject Matter: Tracker Mortgage
• Reference: 2023-0081
• Date: 31 March 2023
• Finantial Sector: Banking
• Conducts Complained Of: Failure 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