This paper discusses predictive transport simulations of type I ELMy H-mode with a theory-motivated ELM model based on linear ballooning and peeling mode stability theory. In the model, a total mode amplitude is calculated as a sum of the individual mode amplitudes given by two separate linear differential equations for the ballooning and peeling mode amplitudes. The ballooning and peeling mode growth rates are rep-resented by mutually analogous terms, which differ from zero upon the violation of a critical pressure gradient and an analytical peeling mode stability criterion, respectively. The damping of the modes due to non-ideal MHD effects is controlled by a term driving the mode amplitude towards the level of background fluctuations. Coupled to JETTO transport simulations, the model qualitatively reproduces the experimental dynamics of type I ELMy H-mode, including an ELM frequency that increases with the external heating power. The dynamics of individual ELM cycles is studied. Each ELM is usually triggered by a ballooning mode instability. The ballooning phase of the ELM reduces the pressure gradient enough to make the plasma peeling unstable, whereby the ELM continues driven by the peeling mode instability, until the edge current density has been depleted to a stable level. Simulations with current ramp-up and ramp-down are studied as examples of situations in which pure peeling and pure ballooning mode ELMs, respectively, can be obtained. The sensitivity with respect to the ballooning and peeling mode growth rates is investigated. Some consideration is also given to an alternative formulation of the model as well as to a pure peeling model.