PTSB Variable Rate Increase
- Thread starter NorfBank
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alexandra123
Registered User
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Variables will always be hit 
My mortgage has gone up 50% over the last 5 years with it looking ever more likely that it will go up another 50%.
I started off paying just under 600, now I am paying just under 900 and in another 1-5 years I see myself paying 1200
My mortgage has gone up 50% over the last 5 years with it looking ever more likely that it will go up another 50%.
I started off paying just under 600, now I am paying just under 900 and in another 1-5 years I see myself paying 1200
Variables will always be hit
My mortgage has gone up 50% over the last 5 years with it looking ever more likely that it will go up another 50%.
I started off paying just under 600, now I am paying just under 900 and in another 1-5 years I see myself paying 1200
I know. I'm at 1200 a month now with a variable rate of 5.9% with tsb. By next year it will a question of childcare versus mortgage.
G
gracehealy
Guest
PTSB Std Variable rate vs 'Residential Variable Rate' ?
I have a question. I often see it reported in the news 'PTSB are increasing their standard variable rate....' etc. I know their current standard variable rate is now 5.19%. However our PTSB variable interest rate is significantly higher (5.65 % after the latest 1% increase). This seems to be becasue we are on 'Residential Variable Rate'. Can anyone tell me what 'Residential Variable Rate' is as opposed to 'Standard Variable Rate' and any idea why we'd be on the higher one?
I have a question. I often see it reported in the news 'PTSB are increasing their standard variable rate....' etc. I know their current standard variable rate is now 5.19%. However our PTSB variable interest rate is significantly higher (5.65 % after the latest 1% increase). This seems to be becasue we are on 'Residential Variable Rate'. Can anyone tell me what 'Residential Variable Rate' is as opposed to 'Standard Variable Rate' and any idea why we'd be on the higher one?
I had the same question for a couple of years now. Once when I saw the PTSB's standard variable rate printed in the media it was about 0.5% lower than what I was paying.I contacted the PTSB and they told me it was a misprint in the media and that I was on their correct rate. Flash forward several months and (due to yet another PTSB rate rise) the media again print their SVR as 0.5ish lower than what I was on. Again I contact the bank. This time they tell me that the rate quoted in the media is the standard variable rate which they no longer offer as a product and that I was on a loan to value rate of >80%. They have a second rate for LTV <80%.
What ****es me off is that I was fixed for the st 3 years of my mortgage (2006-2009). Unfortunately my loan offer stated that I would be moved onto "a variable rate" once the fixed term finished. No one advised me to ensure tracker was explicitly stated. It was all just promied verbley (I wonder if I went to court would it statnd up as a verble contract or does a written contract override that?). As it was "a" variable rate I was not entitled to their standard rate and was only entiled to one of the rates they offered at the time my fixed rate ended.
If the ECB rates go up the expected 2.75% over the next few years and the PTSB pass all those on I'll be on about 8.69%. No chance of making those payments and meeting childcare....and we have two decent wages. If we are going to struggle how are the PTSB hoping to avoid a mass default?
Can I ask why posters are not moving from PTSB?
I know from recent experience that their rates and especially their fixed rates were just horrific..(existing customers )
I had been on a variable rate with PTSB,I switched and fixed for three years,and also came off a partial interest only to interest and capital,and its only costing me about 100e more!
If you can maybe you should also look into switching and see if its any better financially for you.
I know from recent experience that their rates and especially their fixed rates were just horrific..(existing customers )
I had been on a variable rate with PTSB,I switched and fixed for three years,and also came off a partial interest only to interest and capital,and its only costing me about 100e more!
If you can maybe you should also look into switching and see if its any better financially for you.
Negative Equity
+1
And according to norfbank (mortgage broker who frequents these boards) no lender will look at you unless you are 80% LTV. We are a small captive audience. Its a sickener but thats how it goes.
We bought at height of boom and mortgage broker advised us to fix as ECB would be going up. When we came off fixed we just got offered that variable. I got exact same spiel from PTSB when I queried why the press kept quoting a variable that was 0.5% lower than what we on. First they said the press was wrong and then later admitted we were on a higher one.
I also read that their spokesman last week said the average person on variable rate for PTSB owed 60k or less. Clearly we are in the unlucky minority.
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tracker mortgages can ONLY go up IN LINE with the ECB hikes
hold on to your trackers folks !!!!
Not for me to defend other posters but he does more than lurk. He is a useful source of information and gives good advice whatever he does for a living.