Key Post PTSB cutting some rates by 0.71%

Some interesting developments on this thread. There are some people who were speaking to PTSB who have been told their new rate is 5.19 and others 5.65!

This is utterly confusing and infuriating at the same time
 
On 6.05% SVR since August of this year. Mortgage goes out on 28th of the month and as yet haven't received any correspondence from PTSB regarding the Nov 3rd rate cut.

Rang PTSB this morning and the guy on the phone told me that my rate will be reduced to 5.19% on 29th of December.

So the interest rate for my December 28th payment will be 5.8% reducing to 5.19% for January 28th. Having read the responses some people have received from PTSB in the last 24 hours, I won't hold my breath but will wait for written confirmation of what I was told over phone.
 
I am with PTSB and my online banking Mortgage Account has shown a decrease by about 20 euros to my next payment which is due 22nd dec,so looks like I got the first deduction. Still no correspondents from them in regards to letters. I am on variable > 80
 
Just phone up PTSB there. They confirmed I will receive a letter next week advising me of the November ECB cut bringing my rate down to 5.9% and after that when they apply yesterdays cut I will be down to 5.65%, no mention of the extra .46% deduction.

When I queried them and said i have spoken to some friends who phoned PTSB regarding the same issue earlier today and were told their rate was going down to 5.19% they basically told me I must be being lied to!
 
IL&P press release does mention the 0.71% total reduction to include yesterdays 0.25% ECB cut!

[broken link removed]
 
I have just phoned the IL&P media office (details of which are at the bottom of the press release I posted above...) and been told that the 'standard' variable rate is indeed now 5.19%.

Now, we all know there is no such thing as a PTSB standard anything right now so it seems they must have some criteria behind the scenes as to why some residential customers are getting the extra reduction and others are not.

I am awaiting a phone call from them to explain further. I'm not holding my breath but if I hear anything interesting or new I will update here.
 
just off the phone with ptsb. the guy had no idea what I was talking about when I mentioned the .71 decrease.
Said 100% no way and that I would be moving from 6.15 to 5.65% for my febuary payment.

Whats going on?

I referred him to the examiner, times and rte articles and he said he knows nothing about them, just that my LTV will be 5.65 % from 6.15%...
so just passing on the 2 decreases from the ECB...and he stated that legally they werent even obliged to pass those on...
 
just rang the press office and they said all advisors were briefed on this. But she couldnt confirm if I qualified for the 71bp reduction...it was selected residential / investor customers.. I asked for the criteria, but she is going to ring me back..

the mind boggles
 
Press office got onto customer services and that's who phoned me back. They are going to pull the phone conversation I had with the customer services advisor earlier as he had 'given me false information' and I 'am indeed going to be down to the 5.19% rate come January'. I have asked for this in writing also. Seems they need to educate their customer services advisors. I would have thought this would be done in advance but obviously not!
 
ok, head office rang me back there and apologised. Confirm that I am being moved to 5.19% so confirming the 71bp reduction...
I asked what the criteria was and she informed me that they are standardising the SVR. So LTV>80 and <80% are reducing to the same as the SVR...

obviously >80% will reduce by 71bp, < 80% are on a lower rate so will reduce by less and the SVR will reduce by the ECB reduction of .25%
 
Watcher said:
ok, head office rang me back there and apologised. Confirm that I am being moved to 5.19% so confirming the 71bp reduction...
I asked what the criteria was and she informed me that they are standardising the SVR. So LTV>80 and <80% are reducing to the same as the SVR...

obviously >80% will reduce by 71bp, < 80% are on a lower rate so will reduce by less and the SVR will reduce by the ECB reduction of .25%
Click to expand...

I have just been off the phone from their mortgage department and they stated 'they do not know where the information is coming from, but they have heard about it - if you are on a LTV mortgage, tracker, variable the new rate is a "0.25% reduction as from yesterday."

I thought it was too good to be true and goes totally against their previous form, if you remember they where increasing rates, even when the ECB wasn't. Why would they reduce by even more now?
 
their head office confirmed that the directive didnt filter down to the staff on the phones. However she confirmed that anyone on an LTV will move to 5.19%.

She apologised profusely for me having received incorrect information.
 
Watcher,

That is good news for a lot of us trapped in a PTSB variable LTV mortgages, but it is still not enough and long overdue, something needs to be done about this crowd. I am hoping that with more press coverage and even more complaining by PTSB customers they will forced to change by the government (if they haven't been already?)
 
Good work, watcher. Nice to see them 'fessing up to yet another 'honest mistake.' I have to say I trust PTSB about as far as I could throw them. It's no surprise to me that they appear to be only offering/confirming the 5.19% when people pursue it. The first 0.25% cut was announced a month ago now and I still haven't seen a letter from them about it - in contrast to when rates increased and they couldn't get the letters out fast enough and immediately applied the increased rate

When we came off our fixed rate and were moved on to the 6.15% LTV variable I called to query it and in the course of the conversation when I asked what the standard variable rate was, I was informed 'I'm not prepared to tell you that."

5.19% is a start but they need to be compelled to bring their rates in line with the other state-funded banks and stop this predatory behaviour.
 
Also on 6.15 with PTSB. Mortgage up just under 400 euros since i came off fixed back in 2009. Had the option of tracker but was advised by broker to go with the variable as the tracker was 3% over the ECB (would love that now)

I recieved my letter yesterday for the previous ECB .25% reduction.

Same day ECB reduced again by .25%.

Just logged on now and see the 0.71 (inc .25%) so really pleased with this.

Appreciate all the efforts of those making awareness of PTSB and these rates.

And hopefully the increase in mortgage relief will knock some more of the monthly repayments for people.

More needs to be done.

My concern now is that when the ECB drops rates again in January that PTSB will refuse to drop them. This could be them done with reductions now.

Great start though
 
coming off fixed rate

Hi all compliments to all who are high lighting the PTSB issue. can someone answer this question for me i am due to come off a 2 year fixed rate of 3.10%, borrowed 100,000 euro on a 240,000 house. what will my new rate be when i go back to variable have tried the calculators but none the wiser
Thanks in advance
 
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firstly check your documentation to confirm that you revert to variable after the fixed rate expires (some mortgages revert to trackers).

With the announcements yesterday, its probable if you dont have a tracker option that you will go to 5.19% SVR
 
@ reddanmm - It all depends what your loan amount is in comparison to the current valuation PTSB has on file for your property.
PTSB seem to have people on various different rates at the moment based on the above calculation.
We're in negative equity and our new variable rate is 5.19% (down from 6.15%). The fixed rates they offered were ridiculously high. It will be interesting to see what they offer you.
 
your joking even though the LTV is less than 50%. On the mortgage calculator on mortgages .ie AIB were 2.88% for the same loan. I bought the house 2 years ago
 
@ reddanmm - PTSB are capable of anything as we can see from this forum. It is entirely possible you will be offered 5.19% if they are trying to get their SVR in line with all of these different LTV rates floating around. However, you may be lucky and be offered a lower rate than that. When is your fixed rate period up?
 
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