I am counted in that 80% but am unable to move. Plenty more in that boat I would imagine
As many as 80% of borrowers currently on (non-tracker) variable rate mortgages could save money by switching to alternative products, according to the Central Bank.
80%!!!
That's a bit of an understatement! I think it reflects an extraordinary level of consumer inertia.80% seems a little high.
42.5% of all outstanding PDH loans (per the latest Central Bank statistics).How many borrowers are on non-tracker variable rate mortgages?
.It's called non confidence in the banking sector.
42.5% of all outstanding PDH loans (per the latest Central Bank statistics).
Sarenco,
Does the report show the actual number of mortgages that the 42.5% represents or alternatively could you provide a link to the statistics?
Sarenco
I would echo what once again says
I recieved the offer of a free valuation and a move from 4.5 to 4.3 from ptsb almost 2 years ago
But i only just took advantage in the last 2 months after reading about it on this forum
I took the % from the latest household credit market report:-
[broken link removed]
Does that sound approximately right?
Why would you need any confidence in the banking sector to switch to a lower cost loan product?
They are lending you the money - not the other way around.
We're in our house in Dublin almost three years and have moved mortgages from BOI to KBC and more recently to AIB in that time. Its a complete no brainer to move if you're on a variable and are in a position to do so regarding your LTV. Better the money in your pocket than theirs and its really not that much hassle to do so - Depending on future rates etc, you have the potential to knock months if not years off your mortgage in the long run.
Hi aprentice
Can you explain what held you back? I gather PTSB wrote to all relevant borrowers - twice - about the new MVR rates but only ~20% took up the offer. Did you think PTSB was up to some trickery?
I'm not having a go by the way - I'm genuinely confused. Is a lack of trust in our banks causing people to "freeze" in terms of taking financial decisions? Or is it something else?
Hi aprentice
Can you explain what held you back? I gather PTSB wrote to all relevant borrowers - twice - about the new MVR rates but only ~20% took up the offer. Did you think PTSB was up to some trickery?
I'm not having a go by the way - I'm genuinely confused. Is a lack of trust in our banks causing people to "freeze" in terms of taking financial decisions? Or is it something else?
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