PTSB Fixed Rate Up

First of all, apologies if this has been raised before. I had a look through this section of the forum and searched but couldn't find anything that answered my query.

My three-year fixed rate with PTSB is coming to an end, and I have been offered various fixed rates (7.25-9.1%) but also what they are terming an LTV Variable Rate of 5.9%. This is presented as a take it or leave it option.

I called them to query why I couldn't be offered a Standard Variable Rate and was told that no one coming off a fixed is being offered a SVR. It's an LTV Variable of 5.8 (for an LTV under 80%)/5.9% (for an LTV over 80%) or a fixed rate.

Is this right? I was under the impression that according to the Code of Conduct relating to mortgages you had to be offered either whatever you were on before, or the SVR.

The reason I am suspicious is that the person I spoke to point blank refused to tell me what the SVR even was. Finally after many breaks to go speak to a supervisor, she came back with 'we are only offering SRV to customers who have been on it previously for a long time before they moved to fixed'. She was highly evasive about everything and wouldn't give one single straight answer about anything.

Is there any point in me pursuing this further and if I query it how should I go about it? Letter to customer relations first? Raise it with the regulator?

Any and all advice very much appreciated.

Hi, first post here. I am also in exactly the same situation as the OP, having recieved a similar "offer" letter form PTSB. The current fixed rate is 5.35% raising to 5.9% variable or 7.25 (2yr fix) or 8.75 (5 yr fixed).
However i have not yet contacted the bank, as it will be a vicious encounter. How can they justify this charge on existing customers, when the SVR is only in the region of 5.19% by all accounts?

Whats the wording in your contract?
at the end of fixed rate you will be offered another fixed rate or move to the SVR etc etc
In this link its states SVR is 5.44%.
http://www.independent.ie/national-...-mortgage-holders-with-rate-rise-2678711.html

You need to find the wording in your contract, find out what the SVR is. i.e. what rate would you be on now if you didn't take out a fixed rate and see if their different. If they are, contact the Financial Services Ombudsman's.

The contract is suitably vague in its wording to allow them to offer any rate they want. I have contacted the provider and they are not willing to negotiate on the interest rate on offer, despite it being unaffordable. All they will offer is the possibility to review my current expenditure and maybe accept reduced payments (ie start acruing arrears).

they want you to accept the svr & be at the mercy of the bank..

PTSB had the perfect man to promote the bank during "the good days", Frank Vincent from the sopranos... GANGSTERS!