Today (Tuesday 28th July 2015) RTE News reported that nearly 1400 PTSB and Springboard Mortgages mortgage holders are due to receive compensation after the Central Bank discovered that a series of failures related to tracker mortgages and mortgage over payments.

The bank went on to say that these failures were also a “key factor” in the loss of ownership of at least 22 properties.

The majority of the affected customer accounts – 1,152 – are accounts of PTSB , with the remaining 220 being accounts of Springboard.

Compensation in some of these cases will be as high as €50,000 to owner-occupier accounts and €25,000 to buy-to-let customers.

Mortgage holders should seek independent legal advice.