Buy-to-let mortgage with Finance Ireland. Which lender to switch to?

S

sramak

New Member
Messages
3
Hi,

I have BTL mortgage with variable rate with finance Ireland and want to switch immediately probably to fixed rate for few years. What are my options and would a broker be better to deal with or go with the bank itself. Spoke to the same broker who got the mortgage in the first place. He reckons Brokers Ireland will give me good deal. I am keen to go with the bank.
  • Current lender Finance Ireland
  • If your current lender is Permanent TSB, was your mortgage transferred to them from Ulster Bank?
  • Outstanding mortgage balance (how much you still owe) €170K
  • Approximate current value of your property €320K
  • The date you started your fixed-rate mortgage (month and year) variable in March 2021 at 3.95%
  • How many years you fixed for N/A
  • Your current mortgage interest rate 5.75% ( Increasing to 6.75% mid March)
  • Your current monthly repayment (excluding any overpayments) €1,115
  • Your property's BER (Building Energy Rating) – check it here or estimate it if necessary C1
  • Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much (monetary amount) and when? No
  • Did you use a broker when you took out your current mortgage? Yes
Thanks
Srama
 
Last edited by a moderator:
I was speaking with TSB about a BTL mortgage yesterday. Their present fixed rates are
3 year fixed rate 4.65%

5 year fixed rate 4.85%
 
Always Learning said:
I was speaking with TSB about a BTL mortgage yesterday. Their present fixed rates are
3 year fixed rate 4.65%

5 year fixed rate 4.85%
Click to expand...
Doesn’t seem correct, very generous rates for a BTL.

PTSB informed me last September they were moving my performing BTL to Pepper. I asked PTSB if I could get a new product and they said no.
So beware.

Mine would be ECB +3.35% if it had moved.
 
Thank you all. I see PTSB is the cheapest at the moment.

@Nordkapp, will check about moving to Pepper before I proceed. Even Pepper look after Finance Ireland BTL mortgages.
 
Always Learning said:
I was speaking with TSB about a BTL mortgage yesterday. Their present fixed rates are
3 year fixed rate 4.65%

5 year fixed rate 4.85%
Click to expand...

These are indeed PTSB's BTL fixed rates, according to their website (scroll down):

Mortgage Interest Rates | permanent tsb

No matter where you are on the property ladder we have a mortgage rate that will suit you. View our up to date mortgage interest rates.
www.permanenttsb.ie www.permanenttsb.ie
 
Yeah I'm pretty sure it's correct, got it from the branch manager only yesterday on e-mail.
Nordkapp said:
Doesn’t seem correct, very generous rates for a BTL.

PTSB informed me last September they were moving my performing BTL to Pepper. I asked PTSB if I could get a new product and they said no.
So beware.

Mine would be ECB +3.35% if it had moved.
Click to expand...
 
I have a few BTL's and had mortgages with a number of different providers over the years. I would strongly discourage anyone from taking out a BTL mortgage with Permanent TSB. From my experience they treat existing Customers deplorably. Once your initial fixed rate period is over, it's likely you will be charged a much higher rate as I was. Once my fixed rate period was up, I was moved from a good fixed rate to 5.8% several years ago i.e. during the period of very low rates in general. Now I have been informed that Permanent TSB are transferring my BTL mortgage to Pepper Finance despite it never having being in any form of arrears or restructured. I expect to be paying an even higher rate with Pepper. I have made a complaint to Permanent TSB but got nowhere and also have a complaint with the Finance Ombudsman. It doesn't overly bother me at this stage as my remaining mortgage balance is relatively small and I may pay the bulk of it off. I had BTL mortgages with AIB also and existing Customers were charged same rate as new Customers.
 
Mcivor said:
I would strongly discourage anyone from taking out a BTL mortgage with Permanent TSB. From my experience they treat existing Customers deplorably. Once your initial fixed rate period is over, it's likely you will be charged a much higher rate as I was. Once my fixed rate period was up, I was moved from a good fixed rate to 5.8% several years ago i.e. during the period of very low rates in general.
Click to expand...
PTSB largely ended this practice (of charging existing customers higher rates than new customers) in November 2022, but that's not to say that they couldn't reintroduce it in the future.

Mcivor said:
Now I have been informed that Permanent TSB are transferring my BTL mortgage to Pepper Finance despite it never having being in any form of arrears or restructured. I expect to be paying an even higher rate with Pepper. I have made a complaint to Permanent TSB but got nowhere and also have a complaint with the Finance Ombudsman.
Click to expand...
Did PTSB give you any explanation as to why they are doing this?

Edit: I found this thread about it that you started last September:

Permanent TSB BTL mtge transferring to Pepper

I received a letter from Permanent TSB today saying that my BTL mortgage is being transferred to Pepper Finance. Strange as this mortgage has always been fully paid on time, no missed payments, no restructuring, never in arrears, etc. Only 5 years remaining on this mortgage with an outstanding...
www.askaboutmoney.com

Brendan Burgess said:
It's a securitisation.
But usually with securitisations, the original company continues to administer it.
It must somehow free up capital to allow them to buy more loans from Ulster Bank.
Most are on trackers so it won't matter much.
Those on non-trackers will be vulnerable and should look at switching.
Click to expand...

Are PTSB really offering BTL mortgages to new customers when they sold 5,000 such mortgages to Pimco just last year?
 
Last edited:
Paul F said:
PTSB largely ended this practice (of charging existing customers higher rates than new customers) in November 2022, but that's not to say that they couldn't reintroduce it in the future.


Did PTSB give you any explanation as to why they are doing this?

Edit: I found this thread about it that you started last September:

Permanent TSB BTL mtge transferring to Pepper

I received a letter from Permanent TSB today saying that my BTL mortgage is being transferred to Pepper Finance. Strange as this mortgage has always been fully paid on time, no missed payments, no restructuring, never in arrears, etc. Only 5 years remaining on this mortgage with an outstanding...
www.askaboutmoney.com



Are PTSB really offering BTL mortgages to new customers when they sold 5,000 such mortgages to Pimco just last year?
Click to expand...
Yes, it seems so.
 
You must log in or register to reply here.
Back
Top