# Requesting Reversal of PTSB Split mortgage



## AppleSun (1 Sep 2015)

For those of you on a Split, Now that you are back on your tracker, have you contacted PTSB to come off the split?  or are you in process of having your situation reviewed by PTSb with the view to coming off?

I called the dedicated line to ask and was told that the Dedicated line was not dealing with questions in regards coming off split and that I need to contact my branch.

Wondering if anyone has already done so.


----------



## Brendan Burgess (1 Sep 2015)

Hi Apple

Can you explain why you have asked to come off the split? 

Brendan


----------



## AppleSun (1 Sep 2015)

I'm looking into the short-term future, and am guessing PTSB will be in contact of their own accord to look at moving a portion (if not all) of the warehoused amount back into the main mortgage account. Since being returned to my tracker, I am now paying over 50% less on my mortgage payment. They are therefore fully aware that I have the ability to pay 50% more.

I have not done anything further other than ask the question to Customer Service. He did comment saying that the Mortgage Dept would be looking at this issue in general, further down the road, but I should talk to my branch if I want to look into before then.

I was under the impression people on splits would be better off, if we paid more off the capital amount right? Or should I just wait until PTSB coming looking for me to up payments?


----------



## Brendan Burgess (1 Sep 2015)

AppleSun said:


> I was under the impression people on splits would be better off, if we paid more off the capital amount right?



That makes no sense. Can you clarify what you mean. 


A split mortgage is simply a device where they park some of your mortgage in a warehouse and charge you no interest on it and require no repayments on it.  It's effectively an interest-free loan. 

If you wish to pay interest and repayments on it, by all means call them and ask for the split mortgage to be cancelled. 

The only reason you would do this is if you had otherwise a clean credit record and you wanted no trace of a reschedule on your credit record.  You would only do this if you expected to be trading up in the medium term. 

The worst possible outcome would be to voluntarily reverse the split and go into arrears because you could not manage the repayments.


----------



## AppleSun (1 Sep 2015)

OK thanks Brendan!


----------

