Update: Rory has sent me his letter, so these are the actual figures
This is what PTSB's FAQ says:
For customers who are now on a Split Mortgage (or other long term treatment for arrears). How will this affect their restructure?
Firstly, as outlined in the letter, and if the customer instructs us to do so, we will restore the customer’s account to the position it would have been in if they had selected the tracker interest rate at the relevant maturity date. Following this account adjustment, we propose to review the situation and to contact the customer to discuss if there is a material change in their circumstances.
Let's try to apply this to Rory's figures.
Mortgage details before the redress:
So, ptsb had figured out that Rory could not meet the full repayments on €430k, so they warehoused €170k at 0% interest.
Refund: €63k
Compensation: €7k
The refund has been paid off the warehouse.
Situation after the redress
The compensation of €7k has been paid directly to Rory's specified bank account.
I would expect ptsb to review the split in time.
This is what the ptsb original split offer letter said:
And from the redress letter itself:
Following this account adjustment, we propose to review the situation and to contact the customer to discuss if there is a material change in their circumstances.
His new mortgage is €367k.
€
[email protected]% over 27 years would be a repayment of €1,300, a little bit less than Rory was paying before the redress.
It would seem reasonable to me for ptsb to move the balance from the warehouse to the main mortgage.