This is on their website regarding the January cut so hope we might benefit in Feb.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!!
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!!!
For Petrucci, you are probably lucky to be offered a tracker at all. There are no tracker products on the market.
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?
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