# Tracker Variable or LTV Variable option?



## Batesy (13 Apr 2010)

Hi,

My fixed rate mortgage is up at the end of the month and I got the options in the post today from PTSB.

1 - Tracker Variable Rate of 4.25%
2 - LTV Variable Rate of      4.05%
3 - 2 Year Fixed of             5.25%

Can't believe how high the fixed rate is to be honest and don't think I'll go for that.

It boils down to either the Tracker or the LTV Variable.

Obviously the LTV is slightly cheaper but is it the best option to go for??

Any advise for a 1st time poster?

Cheers.


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## Batesy (13 Apr 2010)

It says on expiry of the fixed term the current PTSB Tracker Rate will be avalable. Surely the current rate isn't 3.25% above the ECB?


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## anna (16 Apr 2010)

I posted a similar query a couple of weeks ago.I too am with PTSB and was offered
exactly the same rates.I too thought they were quite high but I am no good at mortgages etc.I guess now they must be correct? Any more PTSB customers out there like us two?


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## Bluebells (16 Apr 2010)

Yes.


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## WinWin (17 Apr 2010)

The problem is your contract doesn't say what rate you go onto, only the fact they have to offer you a tracker, *current PTSB Tracker Rate*, of course they just offer you a "tracker" at what ever their current margin is and they can get away with it.

Its a pity you didn't ask of a rate in your contract, but Live and learn, high sight is 20/20 etc etc


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## Brendan Burgess (14 Feb 2015)

This thread is interesting as it tells us something about what was happening at the time. 

Borrowers were offered variable rates which were lower than the tracker rates to encourage them to go for the variable rate and give up their tracker. 

The fixed rates were prohibitive to discourage them from fixing.  Had they fixed, some contracts entitled them to a tracker on expiry of the  fixed rate. 

Brendan


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## Somar (24 Feb 2015)

Hi Brendan

I took out a mortgage with PTSB on 2007 that was fixed for two years with the option of a tracker on expiry of the fixed rate period. On March 6th 2009, i received an options letter which had three options, LTV Variable Rate at 4.15%, Tracker 4.35% (ECB + MAX 2.35%) and 2 year Fixed Rate at 5.35%. The letter was to be returned by March 26th. The letter stated that if I choose a fixed rate after 2 years a tracker may or may not be available. No mention of whether it would be available or not again if I was to choose the SVR. If I didn't return the letter with an option, the loan would default to the tracker option. The ECB dropped their rate on March 11 2009 by 0.5%. This would mean the new tracker rate was 3.85%. Should PTSB not then have sent out a new letter to customers whom were coming out of a fixed rate highlighting the new options. This could not have been a huge volume of letters. I choose the SVR and sent it back to them. After several attempts to get my tracker restored I took my case to the FSO in 2012 and lost the case. I firmly believe PTSB carried out a lot of underhand tactics between the end of 2008 and the summer of 2009 until they stopped offering trackers on 31st August 2009 and tricked and induced many customers whom should be on tackers for the lifetime of the mortgage onto SVRs. As the current investigations are ongoing with the CB and PTSB do you think my case will be investigated again, and if so should I make contact with the CB??


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## Brendan Burgess (24 Feb 2015)

Hi Somar

My understanding is that ptsb and the Central Bank is looking only at cases where people broker their fixed rate early. So they are not reviewing your case. 

But I think that they should. You need to send in a summary of your case to the Central Bank and tell them of this issue and that you believe that it was a systematic attempt to get people off cheap trackers.  Stress that you are not asking for them to investigate your case as such, but to review the issue for all those affected. 

Brendan


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## Somar (26 Feb 2015)

Hi Brendan

Thanks for advice. Whom is the point of contact in the CB for this do you know? Should I write directly to Ms Dervilla Rowland the chief enforcer to highlight the issue?

Somar


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## Lightening (21 Feb 2017)

@Brendan/SomarVery interesting! 
Can someone please advise where can I find more info regarding CB only looking at PTSB customers who broke out of the fixed rate early!


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