Article also says re PTSB, for those in NE or with high LTV a new cheaper loan option will be introduced... Not sure what this will be? A special variable or fixed rate you have to opt to?
Either way it all feels like the bare minimum that can be done to shut down the issue politically and let the banks carry on.
The lack of any detail in the article is pretty frustrating.
Sarenco
If you are a captive SVR customer of ptsb, there is a lot of information in this article.
You will be getting a decent reduction if you have a low loan to value. If that is correct, it will be very welcome. Only UB allows people to avail of new products. Those in negative equity are also getting some options "For those who are in negative equity, or only have a small amount of equity built up in their home a new cheaper loan option will be introduced, it is understood." Sure I would like to know the exact nature of this product, but it's a start.
He has also picked up something from KBC and Ulster Bank. I am sure he would like to announce the exact details, but overall it looks as if we are seeing some movement.
Brendan
Can existing Ulster Bank customers get the cheaper rates on offer for new customers?
As I said earlier, what sbout all the customers of the foreign owned lenders that have been sold to vulture funds, seems nobody cares about them.
As you know, I would personally prefer to see a statutory cap on variable rates set at 125% of average new lending rates which would benefit all "captive" SVR borrowers, regardless of their lender, while still encouraging competition within the mortgage market.