A group of Permanent TSB buy-to-let tracker mortgage customers are to challenge a decision by the lender to terminate the interest-only period of their mortgages.
The new information campaign - Protect our Trackers - focuses on highlighting the issue to affected Permanent TSB customers and informing them of their options.
The bank's buy-to-let customers have been told that they must change to capital and interest repayments or they will lose their tracker rate. PTSB says this is in line with their mortgage terms and conditions.
The group is being advised by Dublin-based solicitors Walter Odlum & Company.
It claims that buy-to-let customers face a threefold increase in their monthly repayments. A customer who borrowed €300,000 in 2005 over 25 years currently pays about €525 a month, before the ECB rate increase. This repayment would rise to about €1,600 under Permanent TSB's proposal.
Estimates of Permanent TSB's level of buy-to-let mortgages range from 14,000 to 18,000. The mortgages could be worth around €5 billion.
