Tracker Mortgage Decision Reference 2023-0132

• Case Outcome: Rejected
• Subject Matter: Tracker Mortgage
• Reference: 2023-0132
• Date: 28 June 2023
• Finantial Sector: Banking
• Conducts Complained Of: Failure to offer a tracker rate throughout the life of the mortgage

Decision Ref:

2023-0132

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 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 €220,000.00 and the term of the loan was 39 years. The Loan Offer

dated 07 February 2006 detailed that the interest rate applicable to the loan was a 2-year

fixed interest rate of 3.65%, with a variable interest rate to apply thereafter.

Mortgage loan account ending 3653 was drawn down on 31 March 2006.

The Complainant’s Case

The Complainant submits that when he applied for his mortgage loan with the Provider in

2006, he qualified for a tracker interest rate but opted for a 2-year fixed interest rate.

Prior to the expiry of the 2-year fixed interest rate period, the Complainant submits that

the Provider issued him with a letter dated 20 March 2008 which included variable or fixed

interest rate options, however, he was not offered a tracker interest rate.