Tracker Mortgage Decision Reference 2023-0133

• Case Outcome: Rejected
• Year: 2023
• Date: 28 June 2023
• Reference: 2023-0133
• Finantial Sector: Banking
• Conducts Complained Of: Failure to offer a tracker rate at point of sale

Decision Ref:

2023-0133

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. This mortgage loan account that is the subject of this complaint is secured on the

Complainant’s private dwelling house.

The loan amount was €205,000.00 and the term of the loan was 35 years. The annual loan

statements show that the mortgage loan was drawn down on the Provider’s variable

interest rate of 3.75% on 29 March 2006.

The Complainant’s Case

The Complainant submits that he took out a mortgage with a broker in 2005 but “[t]hey no

longer operate,” and that the Provider “provided the loan”. The Complainant submits that

when applying for the loan “[A]t no point was a tracker mortgage given to [him] nor

explained to [him]”. The Complainant outlines that the mortgage loan application form

contained three mortgage loan options to include fixed, variable and split loan options.

The Complainant contends that the tracker interest rate was “clearly not an option on the

form [he] signed” and at no stage was he made aware of the “cheaper tracker rate”. The

Complainant submits that the Provider was “hiding the option of a tracker rate”.