# Tracker offered margin 3.25 plus ECB



## tom bonass (17 Aug 2015)

Hi folks,

Is there a definitive view here on whether or not it is correct of permanent tsb to be offering the above rate to customers who don't have a specific tracker rate mentioned in their contracts. I know a lot of people in this position have been offered this rate and maybe are not happy  but what is the view of the experts. I have been reading a lot of threads and can't seem to identify a consensus.

Thanks .


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## core123 (19 Aug 2015)

Hi Tom,

I'm one of those who was on an introductory offer of ECB + .99% for 18 months and then offered ECB +2.25% after the offered finished. I know it could have been worse it could have been ECB +3.25 as it is for many people with PTSB. Whether it is correct or not doesn't really matter. They can and have done it so I suppose we have to live with it. But it does sting that is for sure....


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## Wardy7 (19 Aug 2015)

I'm not so accepting of their 3.3% rate. I phoned yesterday to complain about the rate. 

I was told, "all contracts are different and your rate depends on your own loan and the rate of the time. The rate applicable to you is the prevailing rate at the time you broke out of fixed rate". 

My response was "Exactly.....and that's the rate I want applied, not the rate applicable when fixed rate was DUE to expire.  And this call is being recorded?"

He put me on hold and then returned, apologising for "his" mistake!  In fairness to the fella, he agreed with me completely.  Of course he could have been paying me lip service but I can't see why he would.

I made, and he logged, an official complaint about my rate.  I stated that it is ridiculously and ludicrously unreasonable for PTSB to apply a retrospective rate to my mortgage for a 15 month period. (I broke in Jan 09 but was due to expire in April 10)

In Jan 09, the rate of 3.25%+ECB......didn't exist, so please don't try to pull a fast one on my account just because it suits you now as it would ease your liability to me.

I await their next response!


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## Joannmct (19 Aug 2015)

I've made a formal complaint too. Everyone should. I don't think a shrug of the shoulders is gonna get us anywhere. I don't agree that nothing can be done.


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## AAM_User (20 Aug 2015)

Wardy7 said:


> I'm not so accepting of their 3.3% rate. I phoned yesterday to complain about the rate.
> 
> *In Jan 09, the rate of 3.25%+ECB......didn't exist*, so please don't try to pull a fast one on my account just because it suits you now as it would ease your liability to me.



But what was the rate at that time ?


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## Wardy7 (20 Aug 2015)

It's hard to know because nobody seems to have the exact rates. Judging by the tables compiled on this and other blogs, in January 09, it was around 1.68%+ECB.


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## core123 (20 Aug 2015)

I would love if something could be done. I nearly died when I jumped from ECB +.99 to ECB +2.25. I did call and also lodged a letter of complaint saying it was profiteering of the highest order but unfortunately nothing came of it. I really don't know what else I could do to go to a fairer rate.


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## tom bonass (20 Aug 2015)

Hi,

Thanks for your reply. I suppose what I was really asking in terms of whether it is corre


Wardy7 said:


> I'm not so accepting of their 3.3% rate. I phoned yesterday to complain about the rate.
> 
> I was told, "all contracts are different and your rate depends on your own loan and the rate of the time. The rate applicable to you is the prevailing rate at the time you broke out of fixed rate".
> 
> ...


 

couldn't agree more...


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## random2011 (25 Oct 2017)

Will be interesting to see if PTSB will correct the margin issue. Is it those customers they are referring to when they claim remaining customers will be put on correct rate next Tuesday.


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## Thomas (25 Oct 2017)

I would think it's the discounted tracker holders  though hope it includes the rest of us on 3.25% margin!!


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## Suz2015 (25 Oct 2017)

Has anyone seen the PTSB Statement?


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## random2011 (25 Oct 2017)

Thomas said:


> I would think it's the discounted tracker holders  though hope it includes the rest of us on 3.25% margin!!


I believe when this is concluded there wont be a single mortgage account in any bank on a tracker that is not close to 1%. A margin of 3.25% is simply not reflective of what should have been offered. Its only purpose was to influence customers to move to other products such as Fixed rates and SVR rates.


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## tom bonass (26 Oct 2017)

I hope you are correct . That certainly should be the case.


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## Wardy7 (15 Nov 2017)

Anyone in this particular boat have any news/update?


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## PFS7979 (15 Nov 2017)

Hi Wardy,

PTSB are maintaining these accounts are not impacted. So its in the hands of CBI.


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## Wardy7 (15 Nov 2017)

Thought as much!


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## meepman (16 Nov 2017)

PFS7979 said:


> Hi Wardy,
> 
> PTSB are maintaining these accounts are not impacted. So its in the hands of CBI.



Hi. Where did ptsb state this?


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## MrEarl (16 Nov 2017)

Hello,

For what it's worth, my view is that the margin suggested is far in excess of the appropriate margin at the time these loan contracts were drawn up.  So, with that in mind, there may be an error in the contract because there is no clear margin over ECB specified, but the rate now proposed is certainly not in keeping with the spirit of "tracker mortgages" of that time.

LTV is a genuine consideration, with lower LTVs getting lower margins, but I reckon anything sub 80% LTV should have been circa 1% - 1.25% over ECB based on what was available in the market, between say 2004- early 2008, so if you took out a mortgage with PTSB around that time, with that sort of LTV, then that's what I would be fighting for and fighting hard, as it's fair to say that there was significant competition for tracker mortgages in the sub 80% LTV space, at that time !


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## meepman (16 Nov 2017)

My mortgage was called  》50 《80% and was 79% of the house value so i definately agree


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## PFS7979 (16 Nov 2017)

Meepman,

PTSB stated in a letter to me that my mortgage is not impacted... despite numerous issues I pointed out, not least the prevailing/"then current" margin issue (ie:3.25%)


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## meepman (16 Nov 2017)

I contacted the central bank about this. This was the response:
'Any one who ever held a tracker mortgage is in the review, you shouldn't need to contact your lender directly. As you are unhappy with how you have been treated by Permanent TSB, you can make a formal complaint to your bank following The Complaints Process and there after take your case to [broken link removed] if necessary.'


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## PFS7979 (16 Nov 2017)

Meepman,

I too wrote to the central bank but received a different response.

I spelt out the specific inconcistency between special condition 9 on interest rate on my Letter of Approval versus the subsequent options letter 11 months post drawdown.

Central Bank responded by thanking me for contacting them, they noted the nature of the issue for purpose of their assurance review but could not comment any further on individual cases.

My letter stated PTSB's assertion that my account was not impacted and that I was concerned the issue would not be picked up by CBI and its assurance review.


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