Anyone else fed up with PTSB?

[petrucci]

I have had it with this bank! Or are all banks in this country ripping people off and wasting people's time?!

I have a tracker mortgage with them, LTV>80%. My 1yr 0.7% discount rate ends this Feb and since my T&C don't specify the rate after year 1, I would be put on the current 2.25% tracker. It was 1.68% when I rang them in December!

So, from 4.7% in Feb 2008 to 4.25% in Feb 2009 in spite of all the cuts by ECB!!

Standard var. rate is now 4.65%! The bank pretty much covered all the ECB rate cuts by an increase in their margins! No wonder the economy is still down!!

With regards to time wasting:
- you have to wait over a month for them to pass on a rate cut,
- you have to wait over a month to get a statement for 2008,
- you have to wait over a month for the new TRS to be applied,

So what now? Should I switch? What are other banks like? Any better than PTSB?

PS. For comparison, I have a second mortgage with Deutche Bank outside Ireland. It's based on a 3 month Libor plus 1.1% margin. They haven't increased the margin since Jan 08!!!

 

[L.J]

In short, Yes.

I've got a split loan with 50% fixed, but the payments on this are not fixed ...... can't get a satisfactory answer, told one thing over the phone and another in writing - it's costing me more & more each month!! What to do?

 

[angela59]

Hi,

Yes also fed up with PTSB. They haven't as much leaway as Bank of Irleand or AIB with their funds. Even their own staff are fed up with them. Have been with them 15 years in the last year the customer service has gone down hill rapidly.

Angela59

 

[eeyore2502]

We moved our mortgage to PTSB in December as both of us bank with them. We had never any problems before but now that the rate has decreased in January I am still waiting for it to show on my account. My account says 4.5% but the repayment amount is worked out at the 5.25%. I was speaking to them last week and they said it would be sorted the following day, 1 week on and still the same!!

 

[petrucci]

'Best Mortgage Provider 2006 & 2008' my a..e

 

[korpy]

We moved our mortgage to PTSB in December as both of us bank with them. We had never any problems before but now that the rate has decreased in January I am still waiting for it to show on my account. My account says 4.5% but the repayment amount is worked out at the 5.25%. I was speaking to them last week and they said it would be sorted the following day, 1 week on and still the same!!

This is on their website regarding the January cut so hope we might benefit in Feb.
"Following the ECB decrease announced on the 15th of January, we are pleased to advise that all of our variable and tracker residential mortgage customers will benefit by the full 0.50% reduction. The reduced rates will be effective from 13th February 2009 "

 

[Taxi Driver]

I see some merit in the issues raised here but most of them are easily explanable.

For Petrucci, you are probably lucky to be offered a tracker at all. There are no tracker products on the market. The rate you will be moved to will be the rate that applies after the discount period is up. If this was December the rate would have been ECB+1.68% but that has now been changed to ECB+2.25%. There is nothing sinister here. There are no trackers for new customers.

Your comparison of Feb 08 with Feb 09 is not entirely correct as there was a ECB increase in June, though the rates quoted by you are absolutely correct. Of course the difference is that you were on a discounted tracker of ECB+0.7% and are to move to ECB+2.25%.

Did you not ask what rate you would move to at the end of the discount period? Have you anything in writing? Check your original letter of offer.

The Standard Variable Rate of 4.65% is for new customers. I am fairly sure that existing PTSB variable rate mortgage holders have benefitted from the ECB rate cuts.

However, they are rather slow at applying the cuts. I think it is something like 30 days after the ECB announcement. [I had this discussion in another thread but can't find it.]

You say you have a LIBOR+1.1% with Deutsche Bank and that they haven't increased the margin. Of course they haven't, it's LIBOR+1.1%. PTSB haven't changed their margins either. You are still on ECB+0.7%. You have seen the benefit of the rate decreases, yes? In February you move on to a different product with a different margin. This is what you signed up for.

To eyeore2505. PTSB have a very complicated way of dealing with rate changes. Interest is accruing on your account at the rate stated. However, your repayment will not be adjusted until the following month (something to do with giving 15 days notice of repayment amount changes I think).

Anyway in the month of the interest rate change your repayment will stay the same but the amount of interest to be paid will reflect the new lower rate. The "excess" you pay will be taken off the principal so you do not lose out, I think! The lower repayment will apply from the following month. If you're on an interest only loan it's even more complicated.

 

[peelaaa]

I have had it with this bank! Or are all banks in this country ripping people off and wasting people's time?!

I have a tracker mortgage with them, LTV>80%. My 1yr 0.7% discount rate ends this Feb and since my T&C don't specify the rate after year 1, I would be put on the current 2.25% tracker. It was 1.68% when I rang them in December!

So, from 4.7% in Feb 2008 to 4.25% in Feb 2009 in spite of all the cuts by ECB!!

Standard var. rate is now 4.65%! The bank pretty much covered all the ECB rate cuts by an increase in their margins! No wonder the economy is still down!!

With regards to time wasting:
- you have to wait over a month for them to pass on a rate cut,
- you have to wait over a month to get a statement for 2008,
- you have to wait over a month for the new TRS to be applied,

So what now? Should I switch? What are other banks like? Any better than PTSB?

PS. For comparison, I have a second mortgage with Deutche Bank outside Ireland. It's based on a 3 month Libor plus 1.1% margin. They haven't increased the margin since Jan 08!!!

Similar situation here. I am on a discount tracker of +0.75 above ECB. It expires in April. I'm assuming the new tracker rate I will be on after that date will be higher than what you have been offered.
If only I had taken the +0.85 tracker rate originally, bollocks.

 

[petrucci]

For Petrucci, you are probably lucky to be offered a tracker at all. There are no tracker products on the market.

PTSB's tracker rate of 4.25% vs. AIB's SVR of 3.30% = NOT LUCKY

Your comparison of Feb 08 with Feb 09 is not entirely correct as there was a ECB increase in June, though the rates quoted by you are absolutely correct. Of course the difference is that you were on a discounted tracker of ECB+0.7% and are to move to ECB+2.25%.

I meant the margin level. ECB+2.25% is like a slap in the face now! It's close to a barrage level margin for customers like me (with 'the then tracker rate' in their T&C - see below)

Did you not ask what rate you would move to at the end of the discount period? Have you anything in writing? Check your original letter of offer.

No, what for? When I applied for a mortgage I chose a tracker rate of ECB+0.7% reverting to ECB+0.9% after year 1. By the time I got the loan offer, PTSB stopped guaranteeing tracker rates after discount periods and replaced it with "the then tracker rate" in the T&C. I got screwed on this big time because it was too late for me to look for a new bank!

The Standard Variable Rate of 4.65% is for new customers. I am fairly sure that existing PTSB variable rate mortgage holders have benefitted from the ECB rate cuts.

I am not a new customer and I was quoted 4.65% SVR over the phone today. Maybe the CR was full of ... I don't know, will have to double check that but I doubt she was wrong.

However, they are rather slow at applying the cuts. I think it is something like 30 days after the ECB announcement. [I had this discussion in another thread but can't find it.]

Rather slow? It takes them 30 days to pass it on and then up to 14 days to apply it to the account! They say they do reduce your principal to compensate for those 14 days but I am yet to see a confirmation of this - I never received a letter or a statement showing it. I hope the statement for 2008 will show it.

You say you have a LIBOR+1.1% with Deutsche Bank and that they haven't increased the margin. Of course they haven't, it's LIBOR+1.1%. PTSB haven't changed their margins either. You are still on ECB+0.7%.

Correct. DB could have done it though explaining it with tough market conditions but they didn't. PTSB couldn't even specify the rate after year 1 at the time of a drawdown!

You have seen the benefit of the rate decreases, yes?

Not for 44 days I didn't. LoL

Sorry, I work in a bank myself (corporate). If I treated my clients like this, they'd be gone and I'd be sacked!

 

[eeyore2502]

The increase was brought in on I think the 6th of January but our payment wasn't till the 10 of the month so obviously that stayed the same, don't have a problem with that. My problem is it is now the 27th and the rate on my account has been changed but the monthly repayment amount is still calculated at 5.25 not 4.5%.

 

[postman pat]

just a question about the eurobor rate,i have a french mortgage and it went up in December 08!
its interest only,and it says in the spiel "linked to one month eurobor rate"
what does this mean.i only know im paying 6.5%.
i emailed GE money abouth this and also rang them,got no satisfaction,they only said it might come down soon....


Pat