Key Post What is the SVR for existing customers?

I would like to compile a table of rates and changes.

The criteria would be
Existing customers
LTV > 80%
Home loans (i.e. not investment properties)




Reports from customers on Askaboutmoney and PTSB website
There are two other threads on this topic. Please keep this thread for establishing the numbers

What can PTSB customers do about the extortionate PTSB rates?
Should the government tell the banks what mortgage rates to charge?

Brendan Burgess said:

Is there a table of the current SVRs available ?

Click to expand...

This is what I have referred to in the past. However, it looks like it's in need of an update....

As far as I can work out allowing for announced reductions.

SVRs for loan to values of >80%

AIB 3.49 Irish
BOI 3.85 Irish
KBC 4.25 Foreign
EBS 4.44 Irish
NIB 4.46 Foreign
PTSB 5.65 Irish

Whatever about limiting a non State owned bank, PTSB's rates need to be looked at by the government.

Thanks Norfbank

I am getting contradictory figures from different sources.

I will try to put up links to the institutions' websites to verify the figures

Brendan

My PTSB LTV >80% SVR is currently 6.15%. Will be reduced to 5.9% with latest ECB reduction.

My figures are nominal rates for new business over 80% LTV.

BOI does not publish their nominal rate just the APR, that could be the reason for the discrepancy on that one.

Your AIB figure is for the standard variable rate (discontinued)

You are using APR for EBS.

There is only one variable rate available at PTSB which is currently a discounted one. The rate you then revert to is 6.15% so their new rate should actually be 5.9% for comparison sake. Even worse than I stated.

I have moved the discussion of whether or not the government should tell BoI and Ulster Bank to a separate thread.

http://www.askaboutmoney.com/showthread.php?t=162682

I would like to keep this thread as a long term record of what actual rates are being charged.

Hi Brendan,

it pains me (incl in my pocket) to say that PTSB are charging me a higher SVR than that quoted by you below. I came off a fixed rate of 5.35% in Oct and was moved onto an SVR of 6.95%. This is not a missprint. I was quoted 2yr fixed rate of 7.35% or 5yr fixed rate of 8.85%. I'm hoping that I get the 0.25% reduction announced this week. Mortgage is on an investment property that I've had since '03, and is in -ve equity. It was originally int only but have been on int and capital for last year or so. I have never missed any repayments and had v. good credit record. I'm very annoyed at the rate I am being charged but appear to have little option but to stick with PTSB

Keep up the good work Brendan, highlighting the inequitable treatment of mtge holders by PTSB by what is effectively a state i.e. tax payer owned bank.

Rgds,

Mcivor

Hi McIvor

You should consider compiling a list of the SVRs for investment properties from the other financial institutions. 6.95% sounds high. But I don't know if it is or not.

KBC has advertised their rate in today's paper. It is 4.9% (5.01% APR)

That is 0.65% higher than their home loan SVR.

The National Consumer Agency is quoting rates for new customers only as far as I can make out.

[broken link removed]

Brendan

NorfBank said:

There is only one variable rate available at PTSB which is currently a discounted one. The rate you then revert to is 6.15% so their new rate should actually be 5.9% for comparison sake. Even worse than I stated.

Click to expand...

The media is quoting a lower rate for PTSB. I believe that Askaboutmoney is right, and that the media is wrong.

Can anyone provide documentary evidence of the PTSB rates?

If they are attracting new customers at a discounted rate, I think that needs to be highlighted as well.

brendan

PTSB confirms it on their website

https://www.permanenttsb.ie/whatweoffer/mortgages/interestrates/

Interest Rates - New Business

The interest rate on an existing permanent tsb loan may vary from the rates quoted on this page.
HOME LOANS -

New Business Variable Interest Rates | Gross Rate | APR

1 Year New Business Variable | 5.10% | 6.2%

Click to expand...

So they give New Business a 1% discount from their nominal rate of 6.1%. So their APR for existing customers is 5.95%

Brendan

Last year when ptsb were on a solo run hiking up rates independently of the ECB I contacted them about the discrepency between the rate I was being charged and the rate that the media was quoting.

For home owners they have three variable products:
standard variable rate (SVR)
loan to value rate > 80% (LTV > 80%)
loan to value rate < 80% (LTV < 80%)

They advised the SVR was an old product and no longer available to customers. I think they may have replaced it with the LTV options at around the same time they introduced tracker rates.

Before the recent 0.25% reduction, the LTV > 80% was 6.15%, LTV < 80% was 6.05% and I think the SVR was 5.65% (or maybe it was 5.9%).

It irks me when the media quote the SVR rate, particularly as it represents older mortgages where I would guess the average balance on these mortgages would be alot lower than the newer LTV mortgages.

Furthermore, ptsb never advertise mortgage rates for existing customers. You need to contact them directly. And they tend to be significantly higher than what is available to new customers.
This is an issue I would like to see the Regulator address.

Right this is where I am with my rate.
BTL 5 year fixed, loan approval letter indicates option of tracker and other options when the fixed term finishes shortly.

Firstly told that the rate was to be 6.9% variable!

Then told it was 6.7% (LTV<80%) variable. When reminded that the loan indicated reverting to tracker, was told 4.85% with the recent 0.25% yet to be dropped.

Still stunned, I asked what the margin was on the tracker. Told it was 3.35% above ECB rate. That means if the ECB raise rates to 5% I will be paying 8.35%.

Have to look at other options as a 2nd mortgage I have falls into the variable category when it comes off.