Key Post PTSB cutting some rates by 0.71%

[Brendan Burgess]

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

I would assume that a residential customer and a homeowner and owner occupier are all the same thing.

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

No,because they won't have sent out the notifications yet. Rest assured or rest annoyed, your rate will be 5.19% from whatever date it is effective.

Brendan

 

[Watcher]

They send out the notification letter 16 days before the date at which the mortgage payment is made at the new rate...Thats why many people havent even been notified yet of the last (november announcement) of the .25% decrease.

I got them to give me a breakdown exactly of when they notify and apply, so here is how they told me it will work in my case..

The November announcement from 6.15% to 5.9% was applied to my mortgage on 21st November, however as my payments are made on the 29th of the month it was too late to notify and the November payment was at the 6.15% rate. However, the rate did actually apply since the 21st and the differential of my overpayment will be credited to my capital and I'm assured I'm on 5.9% since 21 November. They will send me a letter on 13th December stating the new rate and the effective reduced payment will be in my December 29th Payment. (talk about convoluted )

On the 13th January they will send a letter saying my new rate is 5.19% adn this will be reflected in the January 29th payment..

Again to reiterate points made previously, head office verified verbally that ALL LTV and SVR customers are being aligned to the same max rate of 5.19%

When I asked why, the nice lady in head office told me that we (LTV borrowers) were on a very high rate..to which I replied we are still subsidising the trackers and they need to review that policy and align with the other state lenders...I got a gentle laugh in response and was wished a pleasant weekend.

Anyway, hope that clarifies the procedure about letters notifying of new rates.

 

[GiganticLamb]

Thanks Brendan and Watcher for the replys,

I was annoyed over it all night to be honest and I rang Ray Gordon this morning

Nice man, I told him my issue and he said that it was a misunderstanding with the call center and the message wasn't passed down properly he apologized and told me he would get me a callback within a half hour,
Got the call back and the lady confirmed I was on a reduced rate of 5.19%.

Im very disappointed the way the whole issue is getting communicated and especially the condescending phone call I had yesterday but happy my payments are going down a little and at this stage every little helps.

Thanks a million

Hope this helps somebody in the same position

 

[showmedmoney]

Moving to 5.19% for my Feburay payment, was originally on 6.05 as LTV was <70% ( that valuation was gathered fom original value according to them ).
noter. I had to correct the lady on the phone a couple of times but we managed to get there in the end.

 

[walshd]

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%.

Delighted to see there are more out there really annoyed by this. I have Charlie Weston driven mad about this topic that I'd say he has just passed me onto yourselves. Have been onto the Ombudsman... "rates may go up aswell as down crap" and PTSB Customer Care (that's a joke!) but let's keep the fight going!!!

 

[brettlad]

Just got off the phone with the bank and they confirmed our new interest rate will be 5.19%

Was paying 6.15%
Last month 5.9 %
Now 5.19%

Still 2% higher than other banks but its a start.
people power is a powerful thing we just need to keep banging on the door at them until we get justice.
I don't want to paying over 100,000 in interest more than someone else on a 30 year mortgage, its just not cricket.

 

[billyclub]

I'm one of the unfortunate ones with 6.05% variable rate mortgage with these cowboys. I got the letter today regarding the cut to 5.8% and I'm looking forward to getting it reduced to 5.19% (which is still too high, mind you).

Thanks for all your good work with putting the spotlight on this issue for all of us.

I had all my accounts with PTSB, but after the last few months I have moved my current and savings accounts to other banks. And when I some day get my mortgage low enough to switch I will and I will never be a PTSB customer again in my life!

 

[mochas]

Have been a frustrated PTSB mortgage holder and reading this forum for some time -

- Firstly, i have received a letter this morning dated 11 Jan 2012 informing me of my new interest rate of 5.19%. I was at 6.15% a few months ago. I am luckily in a position (no kids) to be able to cover the mortgage and its inflated fluctuations however knowing (1) that other governement banks offer a lower rate and not being able to get it (massive negative equity) and (2) know i am being taken to the cleaners is annoying. Im only paying more in interest now and little in principal. I have 9 years gone on a 30 year term.

- This new rate although a start is still circa 1% off where it should be compared to the other government owned banks and happy to support any structured campaign to highlight this fact

fyi....met with Bank of Ireland who said they were open to business and have taken negaitve equity customers (switchers) on the down side they said i needed a basic salary of 200,000 euro to qualify based on my situation. AIB said i would have to sell my house before they considered me and rent. Not willing to sell my house and take a risk on not then getting a mortgage. I plan on going again to see the banks in a few months - they may give in and just give me the switcher mortgage!