PTSB Home Improvement Loan

J

JanusGold

Registered User
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Just wondering if any one has an opinion or info on this.
I was in PTSB today to discuss getting a personal or home improvement loan to build an extension on my house.
I have a Danske tracker mortgage so don’t want to remortgage and cannot top up with current mortgage owner.

The guy in the branch said that PTSB have changed their policy before Christmas and that they will not lend for extensions, knocking of walls, structural changes etc. They will lend only for renovations and attic conversions and the like.

Now I didn’t think it through at the time. But surely an unsecured home improvement or personal loan (they offer up to 75k) isn’t based on what you do with it? Just that you have the credit history and income etc to pay it back?
The only option open to me, I was told, was to remortgage and he would provide a quote for that.
Am I being overly sensitive given the recent tracker mortgage situation or does this sound like a valid reason?

I am going to contact them again tomorrow to clarify. But I was wondering if anyone has come across such restrictions before on a non-secured personal loan/ home improvement loan?

There is nothing on their website about it. In fact ironically on the Home Improvement Loan page they say “Whatever the job, we’re lending”.

Thanks.
 
If it's an unsecured loan, they really don't care what you're using it for, but should recommend you a suitable product. Remortgage isn't suitable if you want to repay loan over a shorter period than your mortgage.

How much are you borrowing? You'd most likely get a better rate with KBC (and their rate is fixed for the term).
 
Want to borrow between 50-75k
Didn’t get into the amount or credit check etc. The reason given was there’s a new policy on no loans for structural or extensions.

Just seems very odd.
 
It does seem very odd the base it on the purpose of the loan. The amount, I can understand. Most banks will have a limit of around 60k where they would need security.
Maybe they just assumed structural would be larger amounts, and have imposed a rule across the board.

Shop around and you might get the loan elsewhere easier and cheaper.
 
I would advise you OP to stay away from PTSB.

We are customers of theirs for over 15 years, to say we have been put through the ringer for the last 3 months is putting it very mildly. Apart from the sheer incompetence in assessing and processing the top-up loan, the inconsistency in what one person requires over another member in the branch defies belief.
Between our existing mortgage and top-up it is <100k.

They decided 6 weeks in that a valuation was required, €130 later the valuer scrutinised the costs, plans and took photographs of where and what we wanted to do! Then PTSB shut down for Christmas on the 14th Decmber and had to be re-awakened 2nd Jan, 3rd and 4th.

We still await the nod for drawdown and had to make a sizable deposit ourselves to the builder as his price was rising 10%.
How they are still in business is beyond me. Would never ever use them again.
 
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