PTSB to offer discounts for early repayments of loans

Brendan Burgess

Brendan Burgess

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According to an article in today's Sunday Business Post, PTSB are considering offering a 5% write-down on capital for making capital repayments.

It's not specified if this will apply to Standard Variable Rate loans as well as trackers.
 
By Charlie Weston

Tuesday May 04 2010



BANKS desperate to clean up their balance sheets could soon start trying to tempt mortgage holders to go elsewhere by offering them up to €15,000 off their home loan.

But Mr Kinane warned: "Consumers need to be extremely vigilant as experience would indicate that you get nothing for nothing as far as the banks are concerned."
He said that a homeowner with a €300,000 variable rate mortgage may be tempted by having 3pc to 5pc of this loan written off, which would amount to a discount of between €9,000 and €15,000.


The IBA said it believes tracker customers would need a break-deal offer above 25pc (€75,000 on a €300,000 mortgage) to make it worth their while. He said that customers who dealt directly with the banks could have significant pressure brought to bear on them to change their terms.

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PTSB and others are looking to pick the low hanging fruit first,to give up a tracker mortgage for that amt would be madness,if you really must give it up,hold on and eventually they will be offering deals closer to 25% to surrender this very valuable product...surrender at the first offer and you will be kicking yourself later...I know of a guy who was offered e1000 to surrender a tracker mortgage early last year,thankfully he was smart enough to turn it down....but I can almost guarantee that plenty jumped on that paltry offer.
 
Knuttell said:
... .I know of a guy who was offered e1000 to surrender a tracker mortgage early last year,thankfully he was smart enough to turn it down....but I can almost guarantee that plenty jumped on that paltry offer.
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Is that legal?

The bank must act in your best interests.... at least to some degree, mustn't they?

Asking you to give up a tracker mortgage for some magic beans must be unacceptable, yes?


Are the banks competent?, i.e, the staff within the banks? Are banks destined to lose tens of thousands on their bad (i.e stupid) deals?, and we the tax payer have to fix the problems? And they receive performance related bonuses? It's a crazy world...
 
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