ptsb offered me the new business rate but then changed their mind!

D

dosull

New Member
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8
Hi,
I currently have a switcher application in progress, however in lieu of the pending ECB rate increase I decided to fix with my current mortgage provider at a worse rate and sent in a signed request (arrived today). Could anybody tell me if its possible to back out of this if the ECB rate increase is not passed on i.e. is there a "cooling-off period" to allow a change of mind?

Thanks in advance.
 
dosull said:
I currently have a switcher application in progress, however in lieu of the pending ECB rate increase I decided to fix with my current mortgage provider at a worse rate and sent in a signed request (arrived today). Could anybody tell me if its possible to back out of this if the ECB rate increase is not passed on i.e. is there a "cooling-off period" to allow a change of mind?
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I've never seen anything like that in the Ts&Cs – at least with AIB and Ulster Bank.

Who are you switching to?

Who is your current lender and how long did you re-fix for?
 
Currently with PTSB, fixed for 5 Years, was switching to AIB, but is going v. slow. PTSB told me that would put me on a better rate and kept me hanging around for a few weeks which is why I am tight on time.
 
dosull said:
Currently with PTSB, fixed for 5 Years, was switching to AIB, but is going v. slow. PTSB told me that would put me on a better rate and kept me hanging around for a few weeks which is why I am tight on time.
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What's your property's BER (Building Energy Rating)? Check it here or estimate it if necessary.

What rate did PTSB offer you? What rate and fixed period are you aiming for with AIB?
 
Paul F said:
What's your property's BER (Building Energy Rating)? Check it here or estimate it if necessary.

What rate did PTSB offer you? What rate and fixed period are you aiming for with AIB?
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PTSB originally said they would put me on 2.05% (offered to give me new business rate even though I was an existing customer), they then backed out (unfortunately only verbal offer) and said best rate was 2.8%. My House is A3 BER, which is why I applied for the AIB green rate (2.1% with €2,000) back.
 
dosull said:
PTSB originally said they would put me on 2.05% (offered to give me new business rate even though I was an existing customer),
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Have you recorded that?

Do you know the date? Do you know the time? Do you know the name of the person?

The Ombudsman would probably tell them to give that to you.

Brendan
 
Yes, I know the person and the exact date and approximately time. She also mentions in a subsequent email she made a mistake.
 
Some banks do have a 14 day cooling off period so you can break out of a fixed rate for free, but only if you apply within the first 14 days.

I know KBC let you do it, as i have broken out of a fixed rate with then in the past. Have a look st PTSB’s terms and conditions to see.
 
@dosull Separate from the discussion around the fact that you were offered the 2.05% rate, you should contact PTSB tomorrow and ask them to post you a list of rates that you can re-fix at. In another post, a user of this site said:
Cavangal said:
I received options from PTSB by post and decided to fix for 7 years at 3%. The rates are valid for 30 days.
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So if the rate sheet you receive says the same as it did for this person, that will give you 30 days in which you don't have to worry about rate increases by PTSB while you decide what to do.
 
Paul F said:
@dosull Separate from the discussion around the fact that you were offered the 2.05% rate, you should contact PTSB tomorrow and ask them to post you a list of rates that you can re-fix at. In another post, a user of this site said:


So if the rate sheet you receive says the same as it did for this person, that will give you 30 days in which you don't have to worry about rate increases by PTSB while you decide what to do.
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Thanks Paul, Unfortunately I already submitted the request.
 
dosull said:
Thanks Paul, Unfortunately I already submitted the request.
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Ah, of course, I forgot!

You can continue with the process of switching to AIB if you want to. It will only cost you money once you engage a solicitor or valuer.

After PTSB confirm that you are on the 2.8% fixed rate, you can periodically request an estimate of your break fee to leave PTSB by posting your mortgage details in the switcher thread. (Or you can periodically ask PTSB to give you a break fee quote.)

If the break fee looks like it is getting too high, or if AIB put up their rates a lot, you can abandon the switch.

Separate from all of this, you may want to go to the Ombudsman over the fact that PTSB offered you the 2.05% rate. (You have to get a "final response" to your complaint to PTSB before you can take your complaint to the Ombudsman.)
 
Brendan Burgess said:
Have you recorded that?

Do you know the date? Do you know the time? Do you know the name of the person?

The Ombudsman would probably tell them to give that to you.

Brendan
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Hi Brendan, As mentioned "Yes, I know the person and the exact date and approximately time. She also mentions in a subsequent email she made a mistake".
Do you know how I would go about getting the regulator involved? I presume I would need to make a formal complaint to the bank first and then if that is not resolved, contact the Ombudsman?
Thanks in advance,
D
 
Paul F said:
Ah, of course, I forgot!

You can continue with the process of switching to AIB if you want to. It will only cost you money once you engage a solicitor or valuer.

After PTSB confirm that you are on the 2.8% fixed rate, you can periodically request an estimate of your break fee to leave PTSB by posting your mortgage details in the switcher thread. (Or you can periodically ask PTSB to give you a break fee quote.)

If the break fee looks like it is getting too high, or if AIB put up their rates a lot, you can abandon the switch.

Separate from all of this, you may want to go to the Ombudsman over the fact that PTSB offered you the 2.05% rate. (You have to get a "final response" to your complaint to PTSB before you can take your complaint to the Ombudsman.)
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Thanks Paul, I was thinking that already about the break & continue with AIB (I haven't cancelled the process).
 
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