PTSB: New service initiative

[MentalNote]

I have just received a letter from PTSB saying they are starting a "new service initiative" and inviting me to authorise them to give my details to Mortgages Direct. The idea being that Mortgages Direct are then available to review my mortage options and give advice. Now I did get my mortgage originally through MD so assume this is where this is coming from.

Just wondering what people think about this. Is it likely to be the kind of thing where I will now be pestered every few months by MD wanting to do a review or do you think it is better to have a more independent view of the best options for your mortgage.

For example I am coming to the end of a one year fixed with PTSB and will have to review my options soon anyway. I'm wondering will MD be more likely to be up front about the best thing for me than PTSB would be?

Any opinions welcome!

 

[shkyler]

got the same letter just ignoring it Id say there will be pestering of more products so wont give authorisation. Steer clear!

 

[johndoe64]

got this letter as well and was wondering if they may try get the origonal broker to push people away from 'tracker mortgages that are in place.

 

[LDFerguson]

As a broker, if I arrange a pension or life assurance policy for a client, they can contact me some years later to get updated details about it (current value, level of cover, bank details etc.) As broker, I have ongoing access to details about life & pension products of my clients.

Due, I believe, to Data Protection legislation, a mortgage account is different. If I arrange a mortgage for my client, I have no further access to details of the account once the loan cheque has been issued. This can be frustrating if a client contacts me looking for advice on their interest rate, looking for a top-up loan or to buy a new house etc., as I have to send them off to get the relevant information themselves first. Occasionally clients will be surprised that I don't have access to up-to-date information about their mortgage even though I arranged it. Permanent TSB's initiative seeks to address this, although no information about the repayment history will be shared.

 

[LDFerguson]

got the same letter just ignoring it Id say there will be pestering of more products so wont give authorisation. Steer clear!

If your broker wanted to pester you for more products, they already have all your contact details from the original application. This new initiative gives them no additional rights to contact you.

 

[LDFerguson]

got this letter as well and was wondering if they may try get the origonal broker to push people away from 'tracker mortgages that are in place.

As far as I am aware, Permanent TSB have made no attempts whatsoever to get brokers to convince their clients to switch away from tracker mortgages. I strongly doubt that they would do this as any decent broker would flatly refuse to make such a recommendation. It would also create dreadful publicity as it would undoubtedly become public if they attempted such a thing.