Video of great speech at the ptsb AGM

Well done Sara. It is not fair and its only a matter of time before the banks and the government get this message. A public meeting will be arranged this month ....for mortgage holders to plan unified response because to date the central bank , the government, the courts, the competition authority, MEP's have failed to stop this
 
RTE are reporting on the AGM here the SVR issue here. Apparently, the CBI have contacted PTSB about their SVR.


 
The lady was very articulate. But I have little sympathy for someone who got a mortgage in 2009.
 
If banks are allowed to continue overcharging on SVRs what will happen in future when EU raises rates ? Wholesale default. SvR holders should consider cancelling direct debits and paying in person in bank branches.
 
Sara is on now and she's just lost my sympathy for those with SVR's:
"tracker mortgages are losing huge money for the banks and they are forcing those of us on SVR's to pay higher rates to cover for them"

I'm paraphrasing a bit there, but basically thats what she said. And of course Kenny did'nt know any better to contradict her. This myth continues to be spun as fact.
Not a mention of the lack of repossessions and what that 100k non performing mortgages are costing the banks
 
Bronte said:
The lady was very articulate. But I have little sympathy for someone who got a mortgage in 2009.
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Who so Bronte? Not everyone who bought in 2009 is a first time buyer. Prices, although falling were still high in 2009. I moved house in 2009 and still paid 100k more for my house than my neighbour who had bought in 2002. A lot of generalisations being made, circumstances can be very different
 
People seem to forget that since 2009 we are also paying the USC which was ment too fix the banks so those of us who are paying high svr now are paying for it on the double.the banks introduced the trackers not the people on them.
 
boe said:
Who so Bronte? Not everyone who bought in 2009 is a first time buyer. Prices, although falling were still high in 2009. I moved house in 2009 and still paid 100k more for my house than my neighbour who had bought in 2002. A lot of generalisations being made, circumstances can be very different
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1 Because as far as I know the 'margin' between ECB and rate was high - so you were aware

2 They are not in NE - and so can move banks -

3 It's different to those who bought with the lower margins who would have an expectation it would stay much the same. Many of them are in Massive NE and are basically prisoners of their bank,

4 It's nonsense to say everybody should be on the same good rate, that is not how banking works

5 A person who bought in 2009 is 6 years in, and will in all likelihood qualify for better LTV rates

6 Red herrings as justification, and I suspect the real issue - tax, USC, property tax, wage reductions

7 People in 2009 should have locked in a good fixed rate to avoid margin gouging.

(What I need to be clear on this is the margins for say the last 20 years)

Also need 2009 interest rates

Please note that I have one of the high SVR's myself.

No idea your comment about first time buyer
 
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Can you ask her her interest rate and the margin in 2009 please. I was going to go out but will now stay in, nothing like moan to Joe.
 
On Liveline now

edit- Still keeping with the line that SVR's are 'propping up' the unprofitable Trackers
 
I'm not expecting everyone to be at the same rate but the margin between cost of funds and rates being charged seem at odds. I can afford my mortgage but as with most things in life, it's about timing. Some people were smart, negotiated a good tracker or locked in to a good fixed rate but other were just lucky (the "I don't know what a tracker mortgage is" brigade). I'm probably seeing it as black or white issue to be honest.
 
Brendan Burgess said:
Sara will be on Liveline shortly.

I am thinking of ringing in myself, because I have always wanted to say "It's a disgrace Joe..." on air.

Brendan
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I don't suppose there's any chance that she's a woman from Clontarf ? ;) :D

....

While she spoke very well at the AGM, she did not specifically state that her neighbour (who apparently has the same LTV etc.) was also on a SVR from the PTSB. Has she since clarified this ?

I initially believed that she was trying to initially make the point that her neighbour had the exact same terms, but was on a more competitive SVR, but now find myself wondering if one perhaps has a fixed rate or possibly even a tracker... or maybe even an SVR with another lender.

As for the point she is making about trackers, some of the banks secured their funds at very low rates for long term periods so may not actually be running a loss on tracker loans. Granted, in the case of PTSB it's possible that they are making a loss on trackers, but I suspect their loan write downs / write offs, are more likely the cause of her high lending rate.

Also, there seems to be cheaper SVRs on the market than the rate she quoted, so perhaps she could move to another lender (assuming her circumstances permit) ?
 
She has said on radio since that the neighour story is just being used as an analogy and she in fact has no idea what sort of mortgages her neighbours have
 
Sara's on Primetime now and yet again, has blamed her high SVR on 'loss making tracker mortgages'.

I believe she used this site as she has plugged it on radio a few times- any chance that this myth about Trackers will be put to bed some time soon???
 
I've just listened back to the Liveline interview and Philip Boucher Hayes put it to Sara that she could "of course" move her mortgage elsewhere but was determined to "dig in" and fight her corner. I've no idea whether this is factually accurate but it certainly wasn't denied by Sara during the interview.

If it is factually correct, then Sara would be well advised to move her business pronto if she can get a better rate elsewhere. Banks may not particularly welcome adverse publicity but they absolutely hate to see a valuable customer walk out the door. A consumer's ability to move their business is their most potent weapon and should be used without hesitation where a better deal can be found elsewhere.

Money doesn't do fairness.
 
Well done Brendan on Primetime. You made it clear that the 'loss making trackers' line so often used is a myth, though Eoin Fahy still wouldn't let it go.

Sarenco
Tonight on Primetime, it was stated that Sara's LtV ratio is 60%.....why oh why has she not jumped to KBC for example so as to get a much better rate. Are we getting the full story here?
 
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