PTSB reduces mortgage rates for existing customers

Sent valuation last Friday (25/09), online banking updated this morning with new rate but monthly payment hasn't changed yet.
 
tommyryan55 said:
Sent valuation last Friday (25/09), online banking updated this morning with new rate but monthly payment hasn't changed yet.
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Same here @tommyryan55 - my rate now shows at 3.7% but my monthly payment is the same - thought it would drop after the most recent payment had gone out last week but it hasn't
 
I applied for a switch weeks ago but PTSB seem very quick to throw hurdles in my path. Just wondering if anyone else is experiencing this?
The latest letter tells me that they are unable to process my application as they have not yet received the Architects/Engineers Certificate of Compliance with Planning Permission and Building Regulation.
Given that the mortgage was taken out around 1998 they have taken their time in looking for this. In any case, the house is 150 years old and the mortgage was for the purchase of the house and did not cover any improvement costs so I am not sure why we would be expected to have a Certificate of Compliance with Planning Permission unless this is a standard requirement in which case it should be with the title deeds which I presume the PTSB still hold!
Anyway, it seems to me they are banking on me (and others?) simply giving up at a certain stage...
 
Just be wary - the valuation that gets submitted directly to PTSB (with a copy to the owner) covers whether the property is owner occupied or tenanted. there is a potential risk that you might be thrown on to a buy to let rate if you are now letting out a property that you once occupied.
 
So here we are 4 months after the announced reduction, and no still confirmation from PTSB what the reduce monthly repayment should be. Sent back the form, received a holding letter 3 weeks ago confirming we were going to be reduced to 4.2% from 4.5%. Not a word since on date when the proposed reduction will be effective from, or what the amended monthly mortgage repayment will be.

They're some shower, too slow even to catch a cold....
 
Collywobbles, I hear what you are saying but they cannot change a homeloan into a BTL. Some 2 years back we met with our PTSB manager as were coming off a 10 yr fixed and were fearful that we would be put on 5.7%. We were told that the rate would be Variable homeloan rate as the loan was taken out as a homeloan and we did leave in it as a home.

We got the letter to change to the new rate and they sent it to our PPR, I handed it in complete to PTSB yesterday despite their valuer taking almost 2 months to value and then send us out the wrong addressed valuation and for a Semidetached home as opposed to Detached. I am not finished with that valuer yet, I will be sending in a complaint to the society of valuers and PTSB. So now we wait.
 
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