Some Permanent TSB customers due windfall after mortgage case

Around 2,000 customers of Permanent TSB are in for a windfall after the bank withdrew a Supreme Court appeal regarding tracker mortgages.

Two customers who had switched out of cheap trackers to fixed rate mortgages complained to the Financial Services Ombudsman when they were told they could not switch back.

They took a successful case to the High Court, and PTSB were due to appeal the finding before pulling out this morning.

In a statement issued this afternoon, the bank said it was reviewing about 80 similar cases of complaints to the ombudsman which have yet to be decided on, and will review how it deals with the issue for all customers.

It said the bank will contact any customers who are entitled to redress.

It is believed there are up to 2,000 customers affected, with some of the cases going back as far as 2008. Those customers are likely to both be restored to a tracker mortgage and to receive compensation.

The issue is also the subject of an investigation by the Central Bank.

Personal Finance Editor with the Irish Independent Charlie Weston says they'll get a tidy sum;

The bank has set up a dedicated line for queries: LoCall 1890 812 781, open Monday – Friday, 09.00 – 17.30.