PTSB - An invitation to you to switch to one of our competitive Managed Variable Rate (MVR) mortgage

walshey

Registered User
Messages
26
Good morning Folks,
I received a letter this morning from PTSB, inviting me to apply to have the interest rate at which I pay my mortgage switched to MVR.

Looking at it, It appears to be a good deal in that my interest rate would go from 4.5% to 3.7% (where mortgage is less than or equal to 50% LTV)

'For those who avail of this offer and if approved, based on current rates will lead to a reduction in the rate of interest charged and lower monthly mortgage repayments compared to the banks current variable rates'

They also include a free property valuation voucher to have the house valued which is a requirement as part of the application process.

I am just wondering has anyone taken up this offer and if anyone has an opinion on it

Thanks
Walshey
 
(Bump!)
I also have one of these letters and will drop .8% - only received it Friday. Wondering about it too - is it a slam-dunk, no brainer as it seems to be? (In my case I owe 30k and have 3 years left and my rate is 4.5%)
 
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We used the voucher and got the house valued. The form is filled and ready to send but just wary of this, when does a bank send you out an invite to lower rates? never. Anybody got any experience or thoughts on this
 
In the same position. Have the valuation done. Something doesn't seem right. Why are they proactively paying to reduce the amount that I pay them at the moment? What am I giving up in the switch that they want to take back? I cannot see the business rationale from the bank's point of view. It makes me very suspicious.
 
One thing I noticed is that the terms and conditions state something to the affect that we will not be allowed switch again (I don't have them in front of me for exact wording). I wonder is this a standard statement or would it preclude us from "switching" again at a later date when the LTV value changes again? I know you could always look to change backs, but does this preclude a switch within PTSB?
 
I've done the valuation and sent off the form. It will be interesting to see what they come back with. As others have already stated I am a little suspicious too of the whole thing. Can any of the experts on this site tell us all if this is a genuinely good offer or should we be VERY wary of PTSB's small print?
 
my husband has a rando+m no evidence based suspicion that the bank is gathering its good debts and maybe selling them to another mortgage company or whatever and that really we don't know if the t + C's could change not in our favour. Do you know if you are signed into a contract by sending off the form?
 
You need to be wary if you are now renting out your property - the details on the valuation which gets submitted to you but also directly to PTSB contains a line stating whether or not the property is owner occupied or tenanted. The valuation report is based on a template specified by PTSB.
I have have already had the valuation done. but have held off submitting the change request... nervous they will move me on to a buy to let mortgate rate now....
 
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