Some 2,000 Permanent TSB (PTSB) customers could be due a windfall after the bank withdrew a Supreme Court appeal regarding tracker mortgages. Experts estimate that in many cases the amount may reach €10,000 per customer.

Two PTSB customers who had switched out of cheap trackers to fixed-rate mortgages complained to the Financial Services Ombudsman when they were told they couldn't switch back. The customers took a successful case to the High Court, and PTSB were due to appeal the finding, before pulling out this morning.

Experts now estimate some 2,000 people, who have been arguing they should be on a tracker mortgage, will now likely be restored to a tracker rate.

Following this, these people will also likely be due a payment on over-payments made while on a fixed rate. With some cases stretching back to 2008, these customers could find they are owed over €10,000.

The PTSB decision may now have further effects as it could force other banks to compensate their customers in a similar situation.