Permanent TSB has been ordered to compensate over 13-hundred mortgage holders who suffered ‘serious failures’ on their accounts.
The Central Bank says the bank failed to explain the impact of moving from fixed rate or discounted tracker period – and applied incorrect interest rates to 'Springboard' mortgages.
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It says the customers suffered consequences including overpayments; arrears; legal proceedings; and in 22 cases – the loss of their property.
