Tracker Mortgage Decision Reference 2023-0135

Case OutcomeRejected
Year2023
Date28 June 2023
Reference2023-0135
Subject MatterTracker Mortgage
Finantial SectorBanking
Conducts Complained OfFailure to offer a tracker rate throughout the life of the mortgage
Decision Ref:
2023-0135
Sector:
Banking
Product / Service:
Tracker Mortgage
Conduct(s) complained of:
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 which is the subject of this complaint is secured on the
Complainants’ private dwelling house.
The Letter of Approval dated 20 October 2008 in relation to mortgage loan account
ending 5330 provided that the interest rate applicable to the mortgage loan was a one-
year discounted loan-to-value variable interest rate. The loan amount was €406,000.00
and the term of the loan was 26 years. This mortgage loan account was drawn down on 27
November 2008.
The Complainants’ Case
The Complainants submit that in 2000 they drew down their mortgage loan account
ending 1923 with the Provider on a variable interest rate. The Complainants submit that in
2005 they took out a new mortgage loan account ending 7275 in the amount of
€312,000.00 repayable over a term of 25 years, which cleared mortgage loan account
ending 1923 and another smaller loan. The Complainants detail that the interest rate
applicable to mortgage loan account ending 7275 was a tracker interest rate of ECB +
1.1%.

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