# Permanent tsb tracker, interest rate not decreased



## peelaaa (2 Nov 2008)

I have a tracker mortgage with Permanent tsb and they have not decreased the interest rate from 4.25 to 3.75. The mortgage rate I have is ecb rate + 0.75%. The rate showing on my internet banking is still 5%, surely it should have been changed to 4.5%.

Can the banks not decrease it or do they have to honour the rate?


----------



## Epiap (2 Nov 2008)

Peelaaa I have a tracker mortgage with Ulster Bank with the same interest rates. They have not reduced the rate in my latest payment, I intend to call them tomorrrow as they are always very quick to adjust the rate when it goes up.


----------



## plant43 (2 Nov 2008)

Ulster Bank will decrease the rate for next month's payment.


----------



## sandrat (2 Nov 2008)

changes on 3rd november i think - 30 days after it was announced


----------



## bradfield (2 Nov 2008)

Hey!

Have the same PTSB Tracker and there is a notice on the website to say it will be applied from the first week in November! Mine is paid on Nov 1st and its the same as last month so I presume it will be Dec 1st? We will just have to wait and see I guess but it does say on the website that it is going to be passed on to all tracker and variable rate customers!

B


----------



## MaryBe (3 Nov 2008)

Hi,

I also have a PTSB tracker mortgage which is D/D on last day of each month.  They took the full amount on 31st Oct.  I rang them to see why the .5% reduction wasn't applied.  The answer I got was that "it takes approx 2 - 4 weeks to update their customer accounts and that all accounts would be updated with the decrease on the 7th November.  I wonder if it takes them that long when the ECB goes up!!!!


----------



## jnh (3 Nov 2008)

Uh, not to be jumping to PTSB's defence here, but my mortgage is taken out around the 27th of the month, and I am pretty sure that for the last few increases (which were all applied in the earlier half of the month), the amount taken at the end of that month was at the older (lower) rate. In fact I am certain this was the case for the last increase as I checked my bank statement online, but can't check as far back as previous increases.


----------



## ricta (3 Nov 2008)

I checked the small print on my ptsb tracker, they have up to one calender month to apply interest rate changes and I will be notified in writing for increases only, not for decreases.


----------



## MikeL (3 Nov 2008)

Epiap said:


> Peelaaa I have a tracker mortgage with Ulster Bank with the same interest rates. They have not reduced the rate in my latest payment, I intend to call them tomorrrow as they are always very quick to adjust the rate when it goes up.



So have I. They have not decreased my monthly repayment (debited from my account on 3rd Nov) despite the ECB rate going down by 0.5% on 15th October. Funny how they managed to increase the rate immediately after the previous ECB rate increases. God I hate banks (the collective noun, of course, is wunch of bankers).


----------



## brazen_dude (7 Nov 2008)

sandrat said:


> changes on 3rd november i think - 30 days after it was announced



Is it the case with rates increase as well? AFAIK, banks increase the interest rate with in a day if ECB increases its lending rate. might be wrong though...


----------



## jnh (7 Nov 2008)

For those of you who are questioning whether they would be as slow to apply rate increases as they are with the decreases (and further to my post above), I had a look back over previous PTSB statements, and it seems that for all of the ECB rate increases over the last couple of years, the increase in my mortgage payments came into effect at the end of the month _after_ the ECB rate change was announced. So in my case at least, not applying the first .5% reduction until the end of this month is no different to what they have been doing for the increases, so I've no complaints. Again, this is what's been happening with me, and other posters who have mortgages taken out at other times in the month may have different experiences. But if you really want to know the answer, I suggest you search for the dates of previous ECB changes and look back over your previous statements to see.


----------



## sulo (7 Nov 2008)

JNH.... I agree they have been just as slow for increases aswell. 

However, at the last increase the capital balance, looked like it went down very little, so i just assumed they backdated it to a certain date, and took more interest!


----------



## Emma1980 (2 Dec 2008)

Hi! How many rate decreases have there been in the last couple of months? I thought it was two - but it seems EBS have only given one... I queried it with them but they didn't really answer me!!


----------

