# Ptsb taking borrowers off trackers if they reschedule



## Silvergirl (17 Jun 2010)

_split from this thread_
Hi Rad,

How did this fare out for you? Can you adv who your lending institution is?

We're interest only with a tracker on our old house (were unable to sell but have been lucky enough to rent to a great tenant) our Nppr mortgage is with PtSB, friends in similar situtations have had theirs ended recently also. When we applied for the mortgage we were told that there was no fixed time on interest only, usually about 4 years for interest, but this was back in the good old days.

Like you, we're pretty mortgaged to the hilt with PPR, but all is ok as long as Int only remains for another while.

Thanks,
S.


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## Alan White (18 Jun 2010)

Hi Rad,

The banks will talk with you.  They are interested in getting money back.  What you will have to do is provide a detailed income and expenditure on the rentals.

They should be enough for the bank to realise that at some point you will not be able to pay capital & interest.

Especially if you have never missed a payment.  Talk with them now as yo will have to talk with them at some point.

Regards
A


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## Knuttell (27 Jun 2010)

> Permanent TSB is plotting the first controversial assault by banks on  loss-making tracker mortgages by resetting the monthly payments it  charges investment property borrowers, the Sunday Tribune has learned.
> 
> From  this autumn, thousands of small landlords and holiday home-owners face  paying steeply higher monthly payments and higher interest rates.
> 
> ...



Shabby behaviour,but what can you expect from bankers.


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## DonKing (27 Jun 2010)

This seems to only apply to customers who are coming to the end of an interest only period and moving onto Interest & capital payments. There must be a weakness or loophold in the PTSB contract that they are trying to exploit.


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## tallpaul (28 Jun 2010)

Would also be interested to hear how this transpired.

It really is a text-book, salutary lesson in the greed/madness that overcame people/the banks during the mid noughties...


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## greenacres12 (28 Jun 2010)

oh yes believe me there is a review clause in the loan agreements I have analysing my loan agreement all day and they can change the interest to interest and capital at any time feel i'm in big trouble now
At the time when they were handing out money we were led to believe house prices would keep rising rental growth would stay strong so eventually your capital appreciation in your property would well cover the capital amount oh how quickly things change 
Just sorry didnt borrow a couple of million seems more u owe in this country less hassle u have if you cant pay !


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## Tailspin (29 Jun 2010)

But can anyone clarify, that if you come to the end of a review period and you are happy to move onto interest and capital repayments, that your tracker rate cannot be changed?

I do not mind paying off the capital, this is a form of saving, but there will be war if the banks attempt to rewrite the wording on these contracts.


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