PTSB - very high fixed rates

T

tommy78

Registered User
Messages
18
Hi,

I have just come off a 5 year fixed rate (5.75%) with PTSB and my options are :

SVR 4.5%
2 year Fixed 7.5%
5 year fixed 8.75%

Obviously I am going to move to the SVR and I know I could possibly move to a lower MVR.

I was just wondering how they came up with the fixed rates ?

Is it the same for everyone or is it a case by case basis ?

Are existing customer fixed rates posted anywhere ?

The existing customer fixed rates are around double the new business rates.

Regards,

Tommy
 
This is PTSB's way of manipulating their intentions for you to go on the SVR. Those fixed rates are ridiculous. The bank would rather the customer to be on a SVR so they can decide future rates..
 
They seem to only offer fixed rates to existing customers that are coming off a fixed rate, they will not offer a fixed rate to a customer on a variable rate
 
Hi tommy

ptsb has an unusual problem in that its tracker contracts are badly worded, so that if someone who had a tracker fixes, they can revert to a tracker after the fixed rate period is up. So they don't want people who lost their trackers to fix, so they have to charge outlandish fixed rates.

Brendan
 
Thanks for that explanation, Brendan. I too an coming to the end of a 10-year fixed (4.39%) PTSB and was also "offered" (a.k.a. insulted with) the same 8.75% as tommy78. Considering I'm not in NE, with LTV < 40% and have never missed a payment, I enquired from PTSB why they were so anxious to lose a customer, but they didn't even have the decency to offer an excuse. Looks like it's UB for me then, if only as a matter of principle.
 
Just an update on this, I was able to move onto PTSB's "MVR" at 3.7%, which is essentially a discounted SVR of 4.5% - 0.8% for <50% LTV, however the punitive fixed rate of 8.75% remains the same, and for that reason alone, I'm in the process of switching. Even though currently I do end up paying marginally less monthly, I'm not prepared to risk being stuck on a variable without the option to fix -- and at 8.75%, fixing is not an option. PTSB looks like a dying duck to me, and I'd advise anyone who can to get out ASAP.
 
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