28 November 2017

Permanent TSB Settles Tracker Mortgage Case Out of Court

It was disclosed last Thursday in Roscommon Circuit Court that Permanent TSB have settled a case with a customer who was negatively affected by the bank’s handling of their mortgage in relation to tracker interest rates.

Maria Page took a case against Permanent TSB two years ago, after receiving a letter from the bank in which they stated that they had identified an issue with her mortgage rate and had offered her compensation.

Ms Page had been on a five-year fixed rate interest plan of 5.99%. Following the expiration of this fixed rate period, Ms Page was not offered the option to transfer to a tracker rate of interest by the bank. The Court heard that Ms Page had never defaulted on the payments set out in her mortgage agreement prior to this, and had suffered “loss, damage, upset, distress and inconvenience” as a result of Permanent TSB’s actions. As a result, Ms Page sued the bank for breach of contract.

Earlier this week, after a two-year legal process, Ms Page’s case against the bank was reportedly settled out of court. This development marks the realisation of one of the first successful cases taken against an Irish lender in relation to the tracker mortgage controversy which first came to light in 2015.

Ms Page’s Solicitor, Evan O’Dwyer, stated that he believes that this is the first of many cases of this nature to be brought before the Courts, and emphasised that all mortgage holders should inquire with their lenders to determine if they have been affected by these issues.

Moran and Ryan have already issued proceedings against Irish banks in relation to these issues, so if you believe that you have been affected, please contact our office to set up a consultation.