Tracker offered margin 3.25 plus ECB

T

tom bonass

Registered User
Messages
16
Hi folks,

Is there a definitive view here on whether or not it is correct of permanent tsb to be offering the above rate to customers who don't have a specific tracker rate mentioned in their contracts. I know a lot of people in this position have been offered this rate and maybe are not happy but what is the view of the experts. I have been reading a lot of threads and can't seem to identify a consensus.

Thanks .
 
Hi Tom,

I'm one of those who was on an introductory offer of ECB + .99% for 18 months and then offered ECB +2.25% after the offered finished. I know it could have been worse it could have been ECB +3.25 as it is for many people with PTSB. Whether it is correct or not doesn't really matter. They can and have done it so I suppose we have to live with it. But it does sting that is for sure....
 
I'm not so accepting of their 3.3% rate. I phoned yesterday to complain about the rate.

I was told, "all contracts are different and your rate depends on your own loan and the rate of the time. The rate applicable to you is the prevailing rate at the time you broke out of fixed rate".

My response was "Exactly.....and that's the rate I want applied, not the rate applicable when fixed rate was DUE to expire. And this call is being recorded?"

He put me on hold and then returned, apologising for "his" mistake! In fairness to the fella, he agreed with me completely. Of course he could have been paying me lip service but I can't see why he would.

I made, and he logged, an official complaint about my rate. I stated that it is ridiculously and ludicrously unreasonable for PTSB to apply a retrospective rate to my mortgage for a 15 month period. (I broke in Jan 09 but was due to expire in April 10)

In Jan 09, the rate of 3.25%+ECB......didn't exist, so please don't try to pull a fast one on my account just because it suits you now as it would ease your liability to me.

I await their next response!
 
I've made a formal complaint too. Everyone should. I don't think a shrug of the shoulders is gonna get us anywhere. I don't agree that nothing can be done.
 
Wardy7 said:
I'm not so accepting of their 3.3% rate. I phoned yesterday to complain about the rate.

In Jan 09, the rate of 3.25%+ECB......didn't exist, so please don't try to pull a fast one on my account just because it suits you now as it would ease your liability to me.
Click to expand...

But what was the rate at that time ?
 
It's hard to know because nobody seems to have the exact rates. Judging by the tables compiled on this and other blogs, in January 09, it was around 1.68%+ECB.
 
I would love if something could be done. I nearly died when I jumped from ECB +.99 to ECB +2.25. I did call and also lodged a letter of complaint saying it was profiteering of the highest order but unfortunately nothing came of it. I really don't know what else I could do to go to a fairer rate.
 
Hi,

Thanks for your reply. I suppose what I was really asking in terms of whether it is corre
Wardy7 said:
I'm not so accepting of their 3.3% rate. I phoned yesterday to complain about the rate.

I was told, "all contracts are different and your rate depends on your own loan and the rate of the time. The rate applicable to you is the prevailing rate at the time you broke out of fixed rate".

My response was "Exactly.....and that's the rate I want applied, not the rate applicable when fixed rate was DUE to expire. And this call is being recorded?"

He put me on hold and then returned, apologising for "his" mistake! In fairness to the fella, he agreed with me completely. Of course he could have been paying me lip service but I can't see why he would.

I made, and he logged, an official complaint about my rate. I stated that it is ridiculously and ludicrously unreasonable for PTSB to apply a retrospective rate to my mortgage for a 15 month period. (I broke in Jan 09 but was due to expire in April 10)

In Jan 09, the rate of 3.25%+ECB......didn't exist, so please don't try to pull a fast one on my account just because it suits you now as it would ease your liability to me.

I await their next response!
Click to expand...


couldn't agree more...
 
Will be interesting to see if PTSB will correct the margin issue. Is it those customers they are referring to when they claim remaining customers will be put on correct rate next Tuesday.
 
I would think it's the discounted tracker holders though hope it includes the rest of us on 3.25% margin!!
 
Thomas said:
I would think it's the discounted tracker holders though hope it includes the rest of us on 3.25% margin!!
Click to expand...
I believe when this is concluded there wont be a single mortgage account in any bank on a tracker that is not close to 1%. A margin of 3.25% is simply not reflective of what should have been offered. Its only purpose was to influence customers to move to other products such as Fixed rates and SVR rates.
 
Hello,

For what it's worth, my view is that the margin suggested is far in excess of the appropriate margin at the time these loan contracts were drawn up. So, with that in mind, there may be an error in the contract because there is no clear margin over ECB specified, but the rate now proposed is certainly not in keeping with the spirit of "tracker mortgages" of that time.

LTV is a genuine consideration, with lower LTVs getting lower margins, but I reckon anything sub 80% LTV should have been circa 1% - 1.25% over ECB based on what was available in the market, between say 2004- early 2008, so if you took out a mortgage with PTSB around that time, with that sort of LTV, then that's what I would be fighting for and fighting hard, as it's fair to say that there was significant competition for tracker mortgages in the sub 80% LTV space, at that time !
 
My mortgage was called 》50 《80% and was 79% of the house value so i definately agree
 
Meepman,

PTSB stated in a letter to me that my mortgage is not impacted... despite numerous issues I pointed out, not least the prevailing/"then current" margin issue (ie:3.25%)
 
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