Good or bad news from the Banks

Not the clearest article I've ever read but I think Charlie Weston is saying that:-
  • PTSB will allow existing customers to avail of lower LTV rates, regardless of their LTI, but will not be reducing their SVR;
  • BOI will not reduce their SVR;
  • AIB/Haven/EBS will not (further) reduce their SVR;
  • Ulster Bank will do something re rates but it is unclear what;
  • The sub-prime lenders and distressed debt funds will not change their rates; and
  • KBC will reduce its SVR.
Does that sound like a reasonable summary of the article?

Assuming these changes (or lack of changes) come to pass, it is hardly good news for anybody that is stuck on an SVR (unless, perhaps, they are with KBC).
 
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.
 
What about Danske, Irish nationwide, bank of scotland and all the other lenders? Have they been left behind?

The BOI offer isn't good cos you move back to svr when the fixed rate is up. Looks like their hoping their customers won't switch to a fixed rate and those that do will be screwed in a couple of years when this issue will be all forgotten
It was in the news this week AIB will reduce there svr by another 0.25%, any more on that? That would be 0.75,% in total which will bring ave rate to 3.65%
How is it good news for KBC customers only when we don't know what the banks are doing, there's not much in the article
 

Sorry, yes you're quite right I missed that line. The lack of any detail in the article is pretty frustrating.
 
Sarenco said:
The lack of any detail in the article is pretty frustrating.
Click to expand...

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?

If so then all banks have shown their cards except KBC. 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. I haven't heard noonan or anyone else mention them, surely they will be looked after as well
 


Fair enough, I'm really just trying to understand what we are being told.

If existing PTSB customers can move to lower LTV rates, regardless of their LTI, then that will obviously be good news for those borrowers.

Will PTSB offer lower fixed rates to higher LTV and NE customers (as BOI has done) rather than simply lowering the SVR? That may or may not be good news for those borrowers.

Is it not the case that AIB, Ulster and BOI all facilitate existing customers to avail of lower LTV rates?

Another poster reported earlier in the week that KBC are currently reviewing their rates and may announce changes in the coming weeks. I'm not sure there is anything new in this regard in the article.

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.
 
kildon said:
Can existing Ulster Bank customers get the cheaper rates on offer for new customers?
Click to expand...

Yes, it's the only bank which allows this.
kildon said:
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.
Click to expand...

I have raised this on a number of occasions. They are a subset of the group who can't move lender.

Brendan
 

Sarenco

I have seen you refer to this on a few occasions. Would you write a separate thread on it? Some examples. Some of the downsides. The French system.

It could be very useful.

Brendan
 
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