# PTSB Tracker. Used redundancy lump sum to pay off last month, now announcement today



## L&A (18 Apr 2011)

Hi,
Recently we had a lump sum as my husband was made redundant. 

We decided to put it on the mortgage and then take payment holidays/ payment reductions in the future if need be and he couldn't get a job. 

PTSB said we could not make a payment any month, no problem as we'd have the overpayment.  We lodged the money last month.

Roll-on the announcement today about a 10% bonus. 

I want to take it out and re-lodge in the future to get the bonus ie 4 months with no payments can I do this? 

Or will it be a T& C that I can't use the lump sum in there in the future to do this, do you reckon?


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## ajapale (18 Apr 2011)

See also here: PTSB Mortgage holders to get 10pc bonus for paying lump sum off trackers

Ive expanded your title and broken your post into paragrapsh to reflect the question more fully.

aj mod


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## Brendan Burgess (18 Apr 2011)

Hi L&A

I think once you have paid it, it's gone off the mortgage and there isn't anything you can do about it.

Brendan


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## elcato (18 Apr 2011)

The fact that they said you could take a payment break anytime suggests that they have your money in a separate account and will take the payments from that at any stage you don't pay. If that is the case you should be allowed to make the payment a full one off the capital. Can you check with them exactly how they are dealing with your cash ?


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## thesimpsons (18 Apr 2011)

we have a lump sum in our mortgage account with PTSB which we have from making overpayments.  What PTSB do is they hold that money separate but for the purposes of calculating the interest due they include that money so that the interest is calculated on a reduced principle figure basis.  We can use that money for a mortgage holiday at any time but we cannot withdraw the money.  The lump sum built up will take a number of months off our overall term of the mortgage.

I'm in the process of trying to get through to PTSB to see if this money can be used for the purpose of the new 10% extra deal.  I'll let you know if I get anything from them.


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## thesimpsons (18 Apr 2011)

just got confirmation from PTSB that an overpayment already made does not qualify for this new 10% extra deal.  Pity but I guess that would have been too good to be true


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## L&A (19 Apr 2011)

Thanks for all your replies.
I think I might take a payment holiday now and put it into a savings a/c instead if they won't give us the deal!  It was put only 2 wks ago we added it.  Taking a payment holiday gives you the money back.  Might give them a ring and see what they have to say also, must be a bit of negociating on this to be done.


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## L&A (19 Apr 2011)

Yeah they said they won't apply it to anything we've already paid....so if its worth it, we might take a payment holiday now to get some cash.

Wonder what happens if you make these lump sum payments and they give you the €500 multiple and then you take a payment holiday?!  Will they want it back?


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## NorfBank (19 Apr 2011)

How much are your monthly repayments?
Don't forget the deadline is June 17th (could be sooner if oversubscribed) and the minimum lump sum is €5000.

If you take a payment holiday now just to try and take advantage of this offer, it may affect you if you need to take another payment holiday in the future.


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