Will ptsb reduce the rate on a split mortgage?

M

Marcone

Registered User
Messages
10
Hello,

I'm just looking for a bit of advice here. I've a mortgage on our family home with the bank of approx 260k. I'm 3 k in arrears. They offered to park 120k of my mortgage (interest free), leaving the remaining 140k at a rate of 4%. As a variable rate, it seems high and what I'm wondering is there any point in trying to negotiate on the mortgage rate with the bank? My repayments will still be over 800 per month and I'll stil be under pressure.
My main question is, is there any flexibility with variable rates where the bank is concerned?. I suppose I feel that getting almost half 'parked' is not a bad deal in itself.

Any response would be greatly appreciated.
 
Last edited:
So, on a mortgage of €260k, you will be paying €5,600 interest or 2.1%?

You will not have to make any capital repayments on the €120k that is warehoused!

Your repayments of €9,600 a year include €4,000 capital, so you will be reducing your balance.

I doubt very much that ptsb could offer you a better deal than this.

What is the current value of the property?

Brendan
 
Brendan, thanks so much for your help. I apreciate your response,
The property is worth about 380. The 'underwriting' department rang me last week (with the parking offer) and I forgot to ask them if they would offer a cheaper variable (than 4%) rate on the remaining 140k. I do appreciate that what they offered (getting the parked portion interest free) is not bad. I'm also going through a separation (wife doesn't work) which puts me a under a bit extra financial pressure.
I'm wondering is there any point in contacting them and asking them, or do they negotiate on variable rates?
Thanks
M
 
Last edited:
You have a house worth €380k, for which you are paying €800 a month? I had assumed that you were in deep negative equity.

That's crazy for ptsb to give you such a deal. They should tell you to sell the house if you can't afford the repayments.

I would be astonished if they reduced the rate further.

I do know one person who lost a super deal like this because he put up barriers to accepting it. Just sign the papers and get them back as quickly as possible.

Brendan
 
Thanks Brendan.
No, I'm not in negative equity. But I believe that what stood in my favour is that I always kept up full communication with the bank.

You offer such a lifeline to people, with your help. I don't know how you financially keep it going, but as a offer of gratitude, can I make some
monetary contribution to the running of your website? I would be happy to do so, as a token of my gratitude.
I am so grateful for it's existence.
John
 
Last edited:
You must log in or register to reply here.
Back
Top