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!!!
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!!!