What is involved in moving from ptsb's SVR to their Managed Variable Rate?

[Brendan Burgess]

A few of us campaigned at the ptsb AGMs to highlight the higher rates being charged to existing customers. The campaign paid off in that ptsb announced that existing customers could apply for the new customer rates.
MVR Switch Offer

Have any of you done so? What was involved and how much did you save?

With a Standard Variable Rate of 4.5%, a borrower could cut their rate by up to 0.8% by making a few phone calls.

A lot of people could save a lot of money:

Did anyone decide not to switch to the MVR? If so, why?

Some people had suspicions about it.





Brendan

 

[Sara Hogan]

We received our "invitation letter" from PTSB on 14th September 2015, laying out the option open to us. This included a property valuation voucher to provide to the property valuer we chose. A list of appointed estate agents is available on the PTSB website.
We had to

1. Make contact with one of these valuers to arrange an appointment
2. Meet them at home to allow them to carry out the valuation. Provide them with the voucher from the switcher pack as payment. They sent a copy of their report directly to the Bank and gave one to us to return to the Bank.
3. Sign and return a one-page switch application form together also with the valuers report..

On 30th September 2015 we received confirmation that we had been moved from the standard variable rate of 4.34% to the relevant Managed Variable Rate and the new rate was applied from October. This has resulted in a €120 reduction in our monthly repayments.

There were no legal or administrative fees directly associated with the switch.

Because we cannot entirely switch lender we are obviously still paying significantly more than many other variable rate mortgage holders with some of the other banks but this switcher process within PTSB was reasonably simple and has brought about a reduction in our monthly repayments.

 

[Paul Reilly]

I did this last year.

My Variable rate was 4.5per cent
Its now MVR 4.3 percent

Repayment in September was 749 after this it went down to 731. However it went up again in January due to Mortgage Interest thing that kicks in every year. Its now 757.

Had to get house valued. This was easy in Sligo. TSB pay valuation fee.

If your LTV less than mine you can save but Ive met many people who think this is just another get out clause by TSB as people in Negative Equity are fleeced.


Walked into TSB with valuation and
Hounded them for a week until they put "discount" on. However now its gone up again.

As soon as im in positive equity im switching.

 

[tommyryan55]

I also took up this offer from PTSB last September.

I was already on a MVR Rate of 4.00% (LTV 71-80%) and after this process i was moved to 3.80% (LTV 51-60%). PTSB changed my rate within days of receiving my reply (could see the rate update on online banking) and a letter arrived a few weeks later with the updated monthly payment amount.

Not a huge saving but people are moving their current accounts to KBC for .2% of a reduction and if the attached article is correct a futher reduction for MVR customer is in the pipeline.

http://www.independent.ie/business/...essure-to-cut-its-variable-rate-34788217.html

In January 2015 my MVR was 4.40% but when PTSB reduced rates for new customers at that time existing customer MVRs were also reduced, overall if you cannot switch away from PTSB then been on a MVR would be better than an SVR.

 

[Rory_W]

Received letter from them last year.
In dispute with them over whether I should have been offered tracker so felt was not able to take up the offer
Dispute currently in informal mediation by person in FSO between me and PTSB 9who still say No
May have to revisit