PTSB Ombudsman/Appeals Panel orders ptsb to apply tracker rate to new mortgage

Brendan Burgess

This is a very complex case and I have extracted the two pages from the Ombudsman's report

The Appeals Panel decision is more interesting that the Ombudsman's decision which more or less backed it up

December 2004 - Lisa took out a tracker for 35 years
2007 She fixed for 4 years
2008 Broke out of fixed rate and put on SVR
(2011 Scheduled date for fixed rate to end )
2014 Traded up and took out a new 35 year mortgage with ptsb ( I assume)
2015 Included in original ptsb tracker redress scheme

ptsb paid a refund of €15k from 2011 - 2014 - i.e. from when the fixed rate was scheduled to end to when she redeemed the mortgage.
ptsb paid her €3,000 compensation.

She appealed to the Appeals Panel who decided

The refund should be from 2011, the date the fixed rate was scheduled to end, and not 2008, the date she broke out early.
ptsb to give her the portable tracker mortgage from 2014 when she traded up. She got a margin of 1.25% for the remaining 22 years

This resulted in €5,000 extra refund of overcharged interest

She initially accepted this, but ptsb took months to implement it, by which time she had changed her mind and rejected it.

She appears to have misunderstood this offer when rejecting it.
The Ombudsman clarified the offer and upheld it but awarded her an additional €3,000 compensation for ptsb's failure to implement the Appeals Panel decision quickly.


  • ptsb case upheld by Appeals Panel.pdf
    406.3 KB · Views: 136
Last edited:

Brendan Burgess

I have started a separate thread on the issue of whether she should have got the tracker back from the date she broke out early or the date her fixed rate was scheduled to expire.