That seems very good value given that BTL mortgages have been +200bps higher than owner-occupier mortgages over the last few years.5 year fixed rate 4.85%
Doesn’t seem correct, very generous rates for a BTL.I was speaking with TSB about a BTL mortgage yesterday. Their present fixed rates are
3 year fixed rate 4.65%
5 year fixed rate 4.85%
I was speaking with TSB about a BTL mortgage yesterday. Their present fixed rates are
3 year fixed rate 4.65%
5 year fixed rate 4.85%
Doesn’t seem correct, very generous rates for a BTL.
PTSB informed me last September they were moving my performing BTL to Pepper. I asked PTSB if I could get a new product and they said no.
So beware.
Mine would be ECB +3.35% if it had moved.
PTSB largely ended this practice (of charging existing customers higher rates than new customers) in November 2022, but that's not to say that they couldn't reintroduce it in the future.I would strongly discourage anyone from taking out a BTL mortgage with Permanent TSB. From my experience they treat existing Customers deplorably. Once your initial fixed rate period is over, it's likely you will be charged a much higher rate as I was. Once my fixed rate period was up, I was moved from a good fixed rate to 5.8% several years ago i.e. during the period of very low rates in general.
Did PTSB give you any explanation as to why they are doing this?Now I have been informed that Permanent TSB are transferring my BTL mortgage to Pepper Finance despite it never having being in any form of arrears or restructured. I expect to be paying an even higher rate with Pepper. I have made a complaint to Permanent TSB but got nowhere and also have a complaint with the Finance Ombudsman.
It's a securitisation.
But usually with securitisations, the original company continues to administer it.
It must somehow free up capital to allow them to buy more loans from Ulster Bank.
Most are on trackers so it won't matter much.
Those on non-trackers will be vulnerable and should look at switching.
Yes, it seems so.PTSB largely ended this practice (of charging existing customers higher rates than new customers) in November 2022, but that's not to say that they couldn't reintroduce it in the future.
Did PTSB give you any explanation as to why they are doing this?
Edit: I found this thread about it that you started last September:
Permanent TSB BTL mtge transferring to Pepper
I received a letter from Permanent TSB today saying that my BTL mortgage is being transferred to Pepper Finance. Strange as this mortgage has always been fully paid on time, no missed payments, no restructuring, never in arrears, etc. Only 5 years remaining on this mortgage with an outstanding...www.askaboutmoney.com
Are PTSB really offering BTL mortgages to new customers when they sold 5,000 such mortgages to Pimco just last year?
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