# To all PermanentTSB mortgage holders...



## infinity (31 Aug 2007)

I have my mortgage with PermanentTSB, and I am currently shopping around. My LTV is ~55%. My current rate is 5.1% (tracker ECB+1.1%). Clearly not the best rate so I am going to move shortly.

I rang PTSB to see if they could reduce my rate. My local branch got someone from head office to ring me. It took about 2 minutes for them to reduce my rate to 4.8% !!

So - make that call today !!

I am considering going with AIB at 4.6% (ECB +0.6%). I know I could get cheaper with NIB and Ulster Bank but I hear of lots of bad experiences with these. Has anyone switched to AIB - how did it work out ?


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## Dave Vanian (31 Aug 2007)

Have heard a few stories about AIB messing up first repayments but otherwise they're reasonably efficient.


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## LDFerguson (31 Aug 2007)

If your valuation comes in at 50% LTV Bank of Scotland and Halifax will offer ECB + 0.55% and they're reasonably efficient.


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## Towger (31 Aug 2007)

Don't apply for the AIB mortgage using the Internet, go to your local branch. In the words of one AIB employee and my experience of it holds true "Those young ones in there don't know what they are doing.". 

To those with mortgages with AIB, you will not get the ECB + 6 basis point rate (4.6%) on existing LTV 50% mortgages unless you ask for it.


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## Butter (31 Aug 2007)

I too did what the OP did with pTSB recently.  Rang and asked to be moved from a variable rate of 5.1% to the ltv<50% of 4.8%.  There was no argument and it was all done over the phone.  Saving me €36 a month.  Better in my pocket than giving it to the bank. For anyone with a big mortgage it would definitely be worth their while.


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## segsoha (3 Sep 2007)

To get the new rate with AIB, do you need a valuation done on the house ?


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## nelly (3 Sep 2007)

segsoha said:


> To get the new rate with AIB, do you need a valuation done on the house ?



I would have thought so - in order for me to change to a LTV I had to have a valuation done. But maybe they can check the house value using the calculator on their webpage - based on when, where and how much you got your house origionally - not very scientific though.


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## PetPal (3 Sep 2007)

I too just phoned PTSB and got my rate reduced from 5.35 to 4.8% there and then!!


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## Merrion (3 Sep 2007)

PTSB want us to do a valuation to ensure that we fit into the LTV amount


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## Trish2006 (3 Sep 2007)

My husband rang ptsb a few months ago when they launched the lower ltv rate and was told it was for new customers only.  But he was advised to complain as a lot of people were also looking for it.  Anyway in the next month our ssias had matured and we paid off a second (top up) mortgage and a week later I got a call asking why we'd closed our account.  I explained and mentioned that we were thinking of moving mortgages anyway as we were looking for a new house.  'Give me a sec' and suddenly, 'I was actually ringing to offer you our new ltv rate...' - yeah right!
To be honest we'll probably still switch if we ever find a house but at least we have a better rate now.


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## AppleSun (3 Sep 2007)

whats an LTV rate??? can ya only get it if ur on a variable?


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## infinity (3 Sep 2007)

AIB are giving me €1,200 for switching. My legal fees are €1050 (incl VAT) and I have to get the house valued which will cost around €150 (incl VAT). So there is no actual cost to me to change.


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## Trish2006 (3 Sep 2007)

LTV means 'loan to value' and represents the ration between your loan balance and the value of the house. e.g. our house would be valued around €575k and we owe about €190k so we only owe around 33% of the value. This would be considered quite low by most lenders and many of them will offer a lower interest rate for an LTV of < 50%.
Don't know for definite if it's specific to variable but I imagine if you've 'fixed' at a certain percentage then you're fixed at that rate for the agreed term, the definition of fixed would seem to suggest that you can't get a different rate.


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## GWM80 (10 Sep 2007)

Hi All,

Rang PTSB and got my interest reduced from 5.25% to 4.8%. Happy days!!! They did ask me to get house valued but if you annoy enough that should do the trick!!


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## pink2006 (10 Sep 2007)

just reading your treads, going to ring tomorrow i too am on a 5.1% rate, let you know how i get on? do they ask you are you going to move i was thinking of moving to ulster bank


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## infinity (10 Sep 2007)

Just tell them you are thinking of moving. Tell them Ulster Bank are going to give you 4.6% (or whatever it is). They won't be long about dropping their rate. €200k over 20 years at 4.8% costs €111k in interest payments. They'll try very hard to keep you!!


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## F. Kruger (11 Sep 2007)

The 4.8% PTSB rate applies to mortgages with a LTV of less than 80% and it does not apply to any 'One Plan' (top-ups) that some mortgage holders may have.


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## Pacman (23 Oct 2007)

Nice one infinity - take a bow ! just called PTSB head office, 
cant believe how easy it was. My rate drops from 5.35% to 4.8%.


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## z104 (8 Nov 2007)

Got off the phone with Permanent tsb, After 15 minutes of almost arguement they gave me the 4.8% down from 5.25%. It was worth the hassle. They wanted a valuation done but I told them I wsn't paying for one. Told them that I'll move my mortgage e.t.c. Finally he noticed that we had a valuation done 2 years ago for a top up so he took this as a valuation. Should save me about 40 euro a month.


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## pc7 (8 Nov 2007)

where these all on PRR mortgages, any investment ones available to avail of this?


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## Thirsty (9 Nov 2007)

My story is very similar - fixed rate expired, list of options sent to me.  Did some quick online searches and rang PTSB telling them I could do better elsewhere, offered 4.8% immediately - though this rate was not listed in their letter to me.

I lodged a formal complaint (and suggest that other posters here do so also) with PTSB to the effect that at the very least their notification should say something along the lines of "we may be able to do better please ring us".  

Not doing so is a scam to my mind - yet again relying on customer inertia to make more money.

I'm told they have taken my complaint on board....we'll see.....


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## z104 (9 Nov 2007)

Mine was PRR. 

I have an investment property at a rate already fixed at 4.75 so was ok with that. 

I'd imagine they would do the same for an investment if the LTV  is less than 80%


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## pc7 (9 Nov 2007)

thanks niallers good to know,


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## Merrion (12 Nov 2007)

Is this rate of 4.8% valid for a year or for the length of the mortgage?


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## z104 (12 Nov 2007)

it's a tracker rate valid for lenght of mortgage unless I change to a fixed or variable.


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## Shamrock (15 Nov 2007)

Hi guys. I rang PTSB yesterday to get my rate reduced to the 4.8% LTV but did not quiet work out as I had hoped. Mortgage is < 50% LTV. The 1st person I talked to immediately said that he could reduce my rate from 5.3% to 5.1%. I told him that I was thinking of switching and that I was offerred 4.8% by another institution (without a valuation) and he put me onto someone from business retention. 

This guy came on saying that in order for me to get the 4.8% I had to get a valuation done and was saying what a a big hassle it is to switch and wouldn't budge on the matter. He told me that he understands me switching as I'll have more money in my back pocket?? Now, if I employed this guy to retain customers, I would not be a happy camper as he is obviously not very good at his job. Do you think I should try and ring again? Not very happy with the level of service so it might be a good idea to switch!!


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## z104 (15 Nov 2007)

Sounds like the guy I got. I think their idea of business retention is to put people off the idea and to make it difficult for you to get the lower rate. They're effectively calling your bluff. If your house if genuinely less than 80% ltv have the valuation done. It will pay for itself.


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## podgerodge (16 Nov 2007)

My 1 year introductory fixed with PTSB is finishing and I have received a letter quoting all current rates including option to go onto the tracker of ECB + 0.8%.


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## infinity (20 Nov 2007)

*An Update*

Just to update this post....

I finally got off my backside and moved my mortgage to AIB. It was a bit of hassle, some of it caused by me, most of it caused by a crap solicitor.
Despite the hassle - it is worth it ! It took about 13 weeks from start to finish. The crap solicitor caused about 5 weeks of delays.

Interestingly, a slick guy from PTSB mortgages rang me a few days ago (same guy as mentioned above?) saying that he noticed we were moving. The conversation went something like this...

PTSB Guy: I see you are moving your mortgage. Why is this ?
Me: Your rate is 4.8%, AIB are giving me 4.6%
PTSB Guy: (I can hear him typing on his computer) That roughly works out at €25 per month. It's hardly worth the hassle is it ?
Me: <stunned silence> It's better in my pocket than yours !

Anyway - its all done and dusted now. I'm glad I did it and am trying to convince anyone who will listen to do the same!!


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## Fauve (20 Nov 2007)

infinity
Can you advise please how you went about this?
Do you just ring banks and ask about switching etc?
What was the other hassle outside of solicitor if you don't mind me asking?
Many thanks in advance.


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