Coming off a 5 year fixed at PTSB - similar term is 8.85%......!!!!!

Thought I would update you on the letter from PTSB I received today March 13th on the mortgage rates being offered to me coming off a 5 year fixed rate.

A further 5 year fixed at (wait for it) 8.85% or 7.85% above the current ECB rate.

A two year fixed at 7.35% or 6.35% above the ECB rate.

An SVR of 5.99% or 4.99% above the ECB rate.

or a tracker of 4.35% or 3.35% above the ECB rate.

Now, which option would you choose?

You cannot tell me PTSB want to get rid of tracker mortgages when they are charging these kind of rates. These rates are extortionate,

Is there is a good case for declaring a case with the omburdsman for mis-selling of a product?
It is a sad state of affairs when you are paying life insurance to ensure the PTSB get their money back and where I feel I am worth more dead than alive given the negative equity and these extortionate rates.

Absolutely disgraceful behavior,

Hopefully things will change after tommorow nights Dail meeting

This sums PTSB up, they are forcing more and more people onto their ridiculously priced SVR by offering even more ridiculously priced fixed rates = the whole bank needs to be shaken up by it's owner - the government.

Fiskar said:

An SVR of 5.99% or 4.99% above the ECB rate.

or a tracker of 4.35% or 3.35% above the ECB rate.

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Sorry, I may be missing something, but why would you not just choose the tracker? Rate is lower than the SVR?

Is there other negative terms attached?

Not a mortgage holder myself sorry.

Is this a home or a buy to let? PTSB's current SVR for home owners is 5.19% - not 5.99%

I have defended PTSB to a certain extent in the past but 8.85% for 5 years is extortion.

PolkaDot said:

Sorry, I may be missing something, but why would you not just choose the tracker? Rate is lower than the SVR?

Is there other negative terms attached?

Not a mortgage holder myself sorry.

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It is stating the obvious that the tracker is the only option one would take! The other options are a **** take. The tracker is bad enough but at least it is cheaper than the SVR at the moment.

kaza said:

Is this a home or a buy to let? PTSB's current SVR for home owners is 5.19% - not 5.99%

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It is a BTL, but one could suffix that and say that one is living in it as a main home but that would not change the rate. What I am saying is that one can decide which home becomes a main home but one cannot change the mortgage type attributable to that home without moving it to another provider.

The SVR is still a whopping 5% above the ECB rate.