Home owners to fight bank on trackers

PERMANENT TSB customers are to challenge the bank’s attempts to force them off their buy-to-let tracker mortgages in a move that will be keenly observed by mortgage holders.

News of the legal challenge came as Taoiseach Enda Kenny signalled that the Government would consider ways to ease pressure on struggling mortgage holders.

The Protect Our Trackers group claim the decision to end the interest-only period on buy-to-let tracker mortgages will see some monthly repayments jump from €525 to €1,600. The group also claims the move is in breach of the mortgage contract between the bank and holders of buy-to-let tracker loans.