Tracker Mortgage Decision Reference 2023-0134

Case OutcomeRejected
Year2023
Date28 June 2023
Reference2023-0134
Subject MatterTracker Mortgage
Finantial SectorBanking
Conducts Complained OfFailure to offer a tracker rate at point of sale
Decision Ref:
2023-0134
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 Complainants with the
Provider. The mortgage loan account which is the subject of the complaint is secured on
the Complainants’ residential investment property.
The loan amount was €140,000.00 and the term of the loan was 20 years. The Letter of
Approval dated 20 January 2006 provided for a variable interest rate of 3.70%.
Mortgage loan account ending 2896 was drawn down by the Complainants on 29 March
2006.
The Complainants’ Case
The Complainants submit that they completed an application for a mortgage loan in 2005
and were issued a Letter of Approval in January 2006. The Complainants submit that the
“the loan facility should have been offered on terms applicable to a “Tracker Loan” and
that [the Provider] failed in its duty to [them].”
The Complainants assert that they were not advised of the option of a tracker interest rate
when they applied for this mortgage loan. However, the Complainants state that the

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