PTSB - why did you break your fixed rate?

I was friendly with the broker and he thought he was doing me a favour to be honest. I don't think there was a hidden agenda with him. He would have been in contact with Ptsb on a daily basis and because they were dropping he contacted me. I had to pay no fee, I do recall paying a fee on another mortgage but this was waived.
 
I remember hearing about it and then ringing to find out. I think I phoned them maybe 3 times to have them confirm the no breakage fee, purely because I was gobsmacked and just couldn't wrap my head around it!

Each time I called, I felt I must be speaking to some whipper snapper who wasn't giving me the correct info!

It's January 09 rates I want now and not the April 10 one that they've given me!
 
We enquired about breaking from our fixed rate mortgage in Jan 09 after reading about other customers successfully switching to an svr.
When we rang PTSB, we were advised that it wasn't possible to switch.
I wrote to the bank enquiring why I could not avail of this option..
PTSB wrote to me saying " in Jan09, there was a hold on breaking fixed rate mortgages pending an investigation of switching fees."
I was than advised that it would cost 12k to breakout.

I believe they deliberately targeted people who had trackers stated in their contracts (I did not).
 
So poster Fuzzy had no tracker and was refused a 'no penalty' break from his fix.

Anybody remember what the investigation of switching fees is about. Presumably this has nothing to do with the tracker issue but is about the costs of switching accounts from one bank to another.
 
So there was two charges waived Fuzzy, the penalty for breaking the fix and a switching fee?

How much was the switching fee, presumably a fixed amount.

Is that correct everybody else?
 
I have an interesting letter I got in response to my claim of being targeted when I brought it up in 2011. I'll post it later. Pure lies I see now that this has come to light.they basically told me I was lucky I took advantage of a glitch in a two month period which they honoured.even tho they cold called me!

I've photo of letter. How do I post it?
 
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I went into a branch to talk with mortgage adviser in Jan 2009 because I was afraid I would not get my tracker back at the end of our fixed rate - as they seemed to be removing tracker mortgages from the market. When fixing I had got verbal agreement that I could go back onto tracker but had not gotten it in writing so I thought I had no case (was unaware of contract detailing return to tracker). It was mentioned to me about moving to SVR at no cost.

I was told that there was no penalties and that existing SVR customers ONLY would get an ECB rate reduction of .5% passed onto them on Feb 13th 09. Any SVR customers after that date would not get this ECB rate reduction. I was due to break out in Aug 09 so I thought, why wait until then to break out and get an SVR rate that is .5% higher! So I had a certain amount of time to get the fax in to ensure I got the ECB rate reduction in Feb (can't remember how long).

I took a couple of days to think about it and then rang their mortgage phoneline (what adviser had told me to do if I wanted to break).

So I broke out in Jan 09, approx 6 months early, from a fixed rate of 4.85% to move to a SVR of 4.65% - which I was told would be an SVR of 4.15% in Feb.
 
http://www.askaboutmoney.com/thread...2009-should-have-been-offered-tracker.143916/ - poster Kaza on there as well.

http://blog.myhome.ie/2011/11/25/ar...ge-homeowners-urged-to-check-their-contracts/

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More interesting about PTSB trackers (investors only) in 2010 from the Indo, Charlie Weston

http://www.independent.ie/business/...let-owners-face-losing-trackers-26696569.html

bank memo mentioned in article.
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http://www.thepropertypin.com/viewtopic.php?f=4&t=26650

Poster Duisigh on there said this:

I know someone who was working in a call centre trying to get people to switch away from their trackers. Nothing illegal in it. - and stated he works in computer switching products

and from the pin link we get this

http://www.independent.ie/business/...nvestigate-banks-in-tracker-row-26586441.html

which presumably is the beginning of the PTSB fight against customers. AND WHERE WERE THE CENTRAL BANK IN 2009 - 2014
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More interesting from poster Norfbank in 2009 who said this on here:

the lender that was allowing people to break out of their fixed rates for "free" (but only if they were reverting to a tracker)

I'm on there too as I suggested it was very sharp practice by the PTSB and I suggested to the poster to complain to the ombudsman - but customers did complain to the PTSB about their offer letters missing the tracker SO PTSB KNEW IT WAS A PROBLEM WAY BACK THEN BECAUSE OF ALL THE COMPLAINTS - HOW MANY COMPLAINTS DID THEY GET I WONDER.

And how many did they switch back to the corrrect tracker.

http://www.askaboutmoney.com/thread...-option-as-per-loan-agreement-ecb-1-1.126677/

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Does anybody actually remember paying more for a month or two after breaking ie their new SVR was higher than the fixed for a short while?
 
2009 - We were phoned by ptsb 3 weeks before the end of our fixed and told we could change without penalty. We confirmed by writing. They wrote to us confirming the change.

Now they are saying they "have no record of the phonecall" even though our letter authorising them to change mentions it.

Now we wait for our offer..
 
George13 said:
Does anybody actually remember paying more for a month or two after breaking ie their new SVR was higher than the fixed for a short while?
Click to expand...

Your mortgage statement will be able to tell you the exact amounts per month.

Don't forget though that mortgages are paid a month in arrears.

I'll be checking mine later to see also as if they finished the fixed term, we can get an extra .5%

Still waiting on the letter though, can't understand why they couldn't send them all together.
 
CarolineK said:
2009 - We were phoned by ptsb 3 weeks before the end of our fixed and told we could change without penalty. We confirmed by writing. They wrote to us confirming the change.

Now they are saying they "have no record of the phonecall" even though our letter authorising them to change mentions it.

Now we wait for our offer..
Click to expand...

More confirmation of cold calls from PTSB - this was no computer glitch or systematic error.

No records of phone calls - again

But your letter to them confirms the call.
 
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