# End of fixed rate term



## shillster (21 Aug 2007)

I have my mortgage for 4yrs, and have been fixing it every year.  At the end of each year I usually get a letter detailing interest rates & giving me the option of going with Fixed or Variable.  This year I did'nt get this notification, and now my mortgage is on a variable rate and I want it fixed.  I rang PTSB and they have now sent me a list of rates, but also a charge of €100 to change to fixed rate.  Why am I being charged €100?


----------



## ClubMan (21 Aug 2007)

Have you not asked them?


----------



## shillster (21 Aug 2007)

I rang & its an admin charge, anyway they are not charging me because I never got my end of term letter.


----------



## irishlinks (21 Aug 2007)

Just out of interest - what is the fixed rate they are giving you and have you tried getting a better rate elsewhere?


----------



## shillster (21 Aug 2007)

Its 5.35% for a 1 year fixed.


----------



## Dave Vanian (21 Aug 2007)

Presumably Permanent TSB didn't actually admit that they hadn't sent out the letter as such letters are computer-generated anyway.  So it's hard for them to say they did or they didn't - they can only read off their screens what they think happened.  

Moral of the story - if PTSB try to charge an admin fee for this sort of thing - quibble with them and they may give in.  

5.35% seems poor value for a one-year fixed rate.  That's a full 1.35% over the present ECB rate of 4%.  Why don't you switch to a Tracker Variable rate (with PTSB or whoever gives you the best rate) and save up the difference between your actual repayments and the ones proposed by PTSB on their 5.35%?  If your tracker rate exceeds 5.35% before the end of the year, pay the difference out of your savings.  But I doubt if it will.


----------

