5 year fixed rate due to end

[Toodles_27]

Hi All,
Firtsly, forgive me, but I am not very informed when it comes to mortgages, interest etc so if my questions appear silly, I apologise in advance.
Our 5 year fixed mortgage is due to end in March. It has been fixed at a rate of 5.15%. We are trying to prepare ourselves and upon seeing things like this forum, we are more than a little anxious and apprehensive.
What level of interest are PTSB currently offering for fixed rates?
I have to dig out our contract, but is it possible we could go on a tracker even if it's not offered? From what I gather they are not advertising the fact that you will revert to tracker if written into your contact. What clause should I be looking out for int he contract?
We are one of the lucky few in that we did not get hit so severly with the neg equity. We have €130,000 left on our mortgage and houses are selling in our estate for €160 - €175. Is the option of switching our mortgage a possiblity?
And lastly, we hope to build on this year, just a small extension and may need help to do this ie, re-mortgage. Is that a negotiating tool?
Thanks in advance

 

[ClubMan]

What level of interest are PTSB currently offering for fixed rates?

For some reason their website only seems to list new business/customer rates and not those for existing customers...

https://www.permanenttsb.ie/whatweoffer/mortgages/interestrates/

I have to dig out our contract, but is it possible we could go on a tracker even if it's not offered?

If the tracker was not offered at the end of the fixed rate period then you will not get one now.

We are one of the lucky few in that we did not get hit so severly with the neg equity. We have €130,000 left on our mortgage and houses are selling in our estate for €160 - €175. Is the option of switching our mortgage a possiblity?

Word seems to be that <= 80% loan to value is where you need to be for any chance of switching and are borderline there based on the figures above.

And lastly, we hope to build on this year, just a small extension and may need help to do this ie, re-mortgage. Is that a negotiating tool?

You mean is threatening a switch a negotiation tool? I doubt it. If you can switch then almost certainly you should switch from PTSB as their rates are horrendous. Unless a competitive tracker is an option here.

 

[kaza]

I am on the PTSB standard variable rate for existing customers and it is currently at 5.19% (just having being brought down from 6.15%).

I have a friend who fixed last year with PTSB for 10 years at 6.15%, I think she said the 5 year rate was about 7.5% but I am not 100% sure on that figure - now of course that was last year so rates would be different now but just gives you an idea.

Where you on a tracker before fixing? If so check the letter that they would have sent when you moved onto tracker - for me it was a two page letter confirming the tracker rate, with the second page listing the terms and conditions. One of the terms and conditions stated that if the mortgagor moves to a fix rate, then at the end of the fixed rate they should have the option of moving back to tracker. Something along those lines. Of course I lost my tracker but that is a whole other story

I would really recommend shopping around though because of your LTV rate - I have heard that KBC are accepting LTV rate < 80%?? PTSB's variable rate is quiet high compared with other lenders so if there is a chance at all to move then do it.

 

[GettingThere]

You may be a candidate for switching based on your LTV, but a lot of other factors come into play (income, expenditure etc).

However...Be very cautious before switching. Its imperative you locate your mortgage documentation and scrutinise it. You are coming off a 5 year fixed so that implies you got your loan in 2007. At that stage PTSB were offering trackers and in the case of fixed mortgages placing a clause that would revert to tracker after the exhaustion of the fixed rate period (not in all cases, but was common). Look at the clauses in the mortgage agreement and it may say that after the fixed rate is expired you will revert to tracker of ECB +1.1% or something like that.
If you switch or break the fixed you will lose any entitlement to that (if its there).

Ber very careful...Its in PTSBs interest to not inform you and hence not facilitate a tracker. And they are ruthless in their pursuit of this!

Good luck