Key Post PTSB cutting some rates by 0.71%

And also, you say 'on a house worth 240k'. Was the purchase price 240k or is that what similar houses are selling for today? (if they are even selling at all in this current market...). If your house has fallen in value your LTV might not be what you imagine, unfortunately.
 
swauna78. When I spoke to head office yesterday they said the reason they were bringing in the 71bp reduction was to standardise all the LTVs with the SVR. So my understanding is that anyone on a residential variable will move to 5.19%...

Thats what the lady said anyway :)
 
HI swauna78 i bought the house for 240,000 euros no other houses for sale on the block as they are all in negative equity they were on sale for 360,00 euros back in the day. Its a block of 8 houses
 
Yeah Watcher, the lady told me that too yesterday.....god, you'd think someone with a 100k loan on a 240k property would be offered something lower than that but hey, PTSB have us where they want us. :-(
 
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100% agree.
The possible upside here is while PTSB will probably offer 5.19, redanmm may be entertained with a switcher to AIB if his (her) LTV is less than 50%. If truly < 50%, AIB may entertain a switch and offer 3%...
 
I will ring them monday and will let ye know what they say. Thank god i am in the position of being able to switch (i hope) i will then close my account with them. I already got caught with a personal loan with them thought it was finished in feb but because of the increase in rates they added another 3 months on to it and when i went in to the branch to complain they said best no make a scene you might not get a loan off them again , cheek!
 
Oh, indeed. Good point Watcher. reddanmm, really hope you're able to switch and get AIBs 3% rate. Let us know how you get on for sure.
 
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Hi Guys just got off the phone with PTSB asked him what rate i would be offered when i come off fixed rate of 3.10 % i am still in shock he said it would be 5.19% or 2 year fixed at 7.19 this wil be on a loan of 94.000 euros on a house worth at least 210,000 . Told him i would definitely be switching. I will close my accounts with them i will not be held prisoner to their rates like the many thousands of customers that are trapped with them. I am still in Shock
 
Thanks for the update. However I'm not surprised. They were pretty clear that they were applying a 5.19% to variable rate mortgages regardless of the LTV.

Let us know how you get on with your efforts to switch. While not an option for most people tied into PTSB variable rates due to negative equity, I'd be interested to hear if banks are actually accepting switchers.

Best of luck!
 
Good on you reddanmm. You sound like you are in a good position to switch. A good friend of mine switched from PTSB to BoI recently and saved herself a fortune even if she did incur legal fees in the short term she's saving herself thousands over the term remaining on her mortgage.
 
I have just sent off an email to Micheal Noonan saying instead of telling the banks to decrease their rates why does he not instruct PTSB to bring their rates in line with the other banks after all i thought we owned that bank
 
I called PTSB on Friday last and questioned when the first .25% would be deducted and where was the letter for this. I was told December 29th. and the next .25% deduction would be on Jan 29th. I then pressed about the extra deduction mention earlier and was told it was for SVR customers only. I asked am i not an SVR customer (currently paying 6.15%) and i was told i am an LTV customer since i cam out of my fixed rate last year. I was told i woul not be getting the extra reduction.
I then asked what my LTV rate was and they said they have it on file as €165,000 which was the original cost of the house, not what i borrowed. I have less than 130,000 to pay so i am confused at this point as to there criteria for getting the new discount.
Am i correct in thinking from the latest posts today that i will now be getting this?
 
HappyBudda to be honest I would not trust anything they tell you over the phone - everyone is getting conflicting information!

I was told I would not receive it either but I am hoping it was incorrect as from what we are being told overall is that all variable rate home owners will now be on 5.19% - but I think we will not know for definite until we receive our new letters.

I still have not received my letter for the November reduction so at this rate I think it will be Feb before I receive my second letter!
 
Heres hoping Kaza as i have just made the pain staking decision to cancel my kids and mine private health care
 
HappyBudda, as Kaza said, we can only take anything PTSB says over the phone with a pinch of salt. When speaking to their head of customer services on Friday I was informed that they obviously had a 'training issue' and the message of the *LTV rate (I was on 6.15% also...) coming down to 5.19% was not being passed out by their customer service agents. Cue profuse apologies to me and assurance that I will be given the 5.19% rate. I asked for confirmation in writing which I am waiting on. I will only believe it when I see it.

*From my recent letter when I came off my fixed rate in July 2011 it says that the LTV is calculated from their most recent valuation on file of your home. (I have no idea how they have a recent valuation on my home given it was only valued by them when I drew down the mortgage 5.5 years ago but there you go...)
 
Just to let everybody know..

I rang up PSTB today to find out if the 71 point reduction applied to me

I have a family home that I live in and am on a rate of 5.8%

She told me that the .71 % drop didn't apply to me as Im not a residential or investor..and I will only see a drop of .25% in January

I thought I was a residential customer,as I lived in the house but she said Im not

Very Disappointed to say the least

Thanks
 
I wouldn't let that lie GiganticLamb, you are an owner-occupier so yes indeed, you are a residential mortgage customer. You need to get them to explain fully why this is not the case in their 'opinion'.
 
GiganticLamb said:
Just to let everybody know..

I rang up PSTB today to find out if the 71 point reduction applied to me

I have a family home that I live in and am on a rate of 5.8%

She told me that the .71 % drop didn't apply to me as Im not a residential or investor..and I will only see a drop of .25% in January

I thought I was a residential customer,as I lived in the house but she said Im not

Very Disappointed to say the least

Thanks
Click to expand...

So what exactly do they have you listed as then?? Have they managed to come up with another way to scr*w us and replaced the two different variable rate customers (based on LTV %) with two different types of residential customers??
 
Here is the actual press release on [broken link removed]

permanent tsb confirms that it will pass on ECB rate cut to mortgage customers

08 Dec 2011
Bank will cut rates on certain mortgage products by up to 0.71%
Thursday, 08 December 2011 - permanent tsb has confirmed that it will pass on the interest rate cut of 0.25% announced today by the ECB to all mortgage customers including those on Standard Variable Rates and Tracker Rates and including both home owners and investors in residential properties.
In addition the bank has confirmed that it will reduce the rates applying to a number of variable rate mortgages held by both residential and investor customers by as much as 71 basis points. This includes the impact of today’s ECB reduction of 0.25%.
The standard rate now applying to variable rate mortgages for customers living in the home in question is 5.19%.
Further Information:
Ray Gordon
Gordon MRM
Ph: + 353 87 2417373 / Ph: + 353 1 6650452
Click to expand...

So all people with home loans should now be paying 5.19%. If PTSB tells you that they are charging you more, they are wrong.

What is really interesting is that they also refer to "investor customers" getting the 0.71% reduction.
 
Brendan Burgess said:
So all people with home loans should now be paying 5.19%. If PTSB tells you that they are charging you more, they are wrong.

What is really interesting is that they also refer to "investor customers" getting the 0.71% reduction.
Click to expand...

Thanks for your replies guys,im really sick of their attitude to be honest

I read out the above piece that Brendan quoted and she,while talking to me like I was a fool said that Im not a Residential Customer,I am a home owner,The type of loan I took out is a Home Loan.


She said that this was only for RIP Customers(I think thats the word she used)

Can somebody tell me if I am infact a Residential Customer or is there a difference?

Also if anybody else who like me,has a mortgage for a house they live in got this rate applied to them?

Thanks in Advance
 
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