Anyone got letter re lower rates from PTSB?

Got my letter with voucher for free valuation, two local estate agents listed. One of the agents failed to sell my neighbours house recently, they valued it at a figure that saw just them arrange 2 viewings in 4 months. The figure they set would save me a lot of money, but is about €50K more expensive than the price the house is now offered at with a different estate agent who has managed to get 12 viewings in 4 weeks. Do I go to the estate agent who failed to sell it, and ask him to value my house at the same price now? Very well known estate agent, who you would think called the market right....
 
Joe90 said:
Got my letter with voucher for free valuation, two local estate agents listed. One of the agents failed to sell my neighbours house recently, they valued it at a figure that saw just them arrange 2 viewings in 4 months. The figure they set would save me a lot of money, but is about €50K more expensive than the price the house is now offered at with a different estate agent who has managed to get 12 viewings in 4 weeks. Do I go to the estate agent who failed to sell it, and ask him to value my house at the same price now? Very well known estate agent, who you would think called the market right....
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Higher valuation is better right? You already know the answer.
 
Yes - but how do I persuade the estate agent who managed just 2 viewings in 4 months to sell at €50K+ more than similar house to stand over the price a second time, when he failed so dismally the last time.
 
Estate Agent done her visit last week and I collected paperwork today. I will be posting the documentation tomorrow - ptsb says in their info pack that it will process paperwork within 10 working days so we'll see in 2 weeks. I think we are comfortably under 50% ltv.
 
Hi, mine is rare case, I hope someone else will be there like me.
My mortgage is on a discounted Variable rate, long story short, I was tricked to move from Tracker to Variable a few years ago when I went for a remortgage (my mistake) but when I refused and walking out from PTSB I was offered a discount of 0.25%, so now I have 4.25% SVR . In those days Tracker and Variable were nearly the same, so I felt that PTSB did a favor for me.
I got a letter from PTSB, like you all, with a property valuation voucher. I am very sure mine will be in negative equity, now the issue is that the letter says PTSB managed variable rate will be reduced from 4.5 to 4.3 if LTV is > 90% or negative equity (i.e 0.2% reduction). So this is clearly no use to me and I cannot move to any other bank. I called PTSB customer service and explained the situation, they said they will come back to me but still no reply yet.

Is there anyone in my situation? I would really appreciate if anyone has any idea for my situation.
 
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kmaster said:
Hi, mine is rare case, I hope someone else will be there like me.
My mortgage is on a discounted Variable rate, long story short, I was tricked to move from Tracker to Variable a few years ago when I went for a remortgage (my mistake) but when I refused and walking out from PTSB I was offered a discount of 0.25%, so now I have 4.25% SVR . In those days Tracker and Variable were nearly the same, so I felt that PTSB did a favor for me.
I got a letter from PTSB, like you all, with a property valuation voucher. I am very sure mine will be in negative equity, now the issue is that the letter says PTSB managed variable rate will be reduced from 4.5 to 4.3 if LTV is > 90% or negative equity (i.e 0.2% reduction). So this is clearly no use to me and I cannot move to any other bank. I called PTSB customer service and explained the situation, they said they will come back to me but still no reply yet.

Is there anyone in my situation? I would really appreciate if anyone has any idea for my situation.
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Hi. I'm similar but not quite the same. On a discounted variable rate of 4.36. Still in negative equity so presumably will reduce from 4.36 to 4.30.. That's about €10 a month I think. Huzzah!

Will be interesting to see how they reckon your situation. Would you be absolutely surprised if they proposed to increase your rate to the 4.30%? I'm only half joking there. (I realise it isn't funny).
 
I just got an approval letter and we are moved from 4.5% to 3.7% rate. I phoned to find out what date this is applicable from and they said form the date of the letter. So i'm looking forward to seeing this month our mortgage payment lowered by more than €100/month. However we wait and see whether we will stay with the bank for any longer... And good luck to everybody else going through this, especially those unable to move the banks.
 
Hi got my letter from PTSB as well. The amount outstanding on my SVR mortgage is approx 150k. House is worth approx 280k so I would be in the <50% loan to value category and should be able to take advantage of the lowest interest rate offered 3.7%. All good right? Except.....I also have a 55k top up loan, on tracker rate. On the t+cs on the back of their letter it says their offer ''doesn't apply to trackers'' but in the body of the letter they say I must declare any other loans on the house. Their letter doesn't refer to my tracker top-up, only to the principal mortgage. On the handout wiht the letter they show an example where John & Mary have a top-up and a mortgage and they are combined to take advantage of the new MVR. So is this just an attempt on PTSB's part to con me out of my tracker top-up?
 
Lucuma said:
Hi got my letter from PTSB as well. The amount outstanding on my SVR mortgage is approx 150k. House is worth approx 280k so I would be in the <50% loan to value category and should be able to take advantage of the lowest interest rate offered 3.7%. All good right? Except.....I also have a 55k top up loan, on tracker rate. On the t+cs on the back of their letter it says their offer ''doesn't apply to trackers'' but in the body of the letter they say I must declare any other loans on the house. Their letter doesn't refer to my tracker top-up, only to the principal mortgage. On the handout wiht the letter they show an example where John & Mary have a top-up and a mortgage and they are combined to take advantage of the new MVR. So is this just an attempt on PTSB's part to con me out of my tracker top-up?
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We had similar situation - main mortgage was SVR and we had a top up loan of €15k as a tracker. before I sent out the form I called PTSB to ask do I have to declare it and will it be affected. They said you have to declare it but it won't be touched and will stay as is. Only the main mortgage rate will be changed.

Also yesterday we received letter confirming the changed rate and monthly amount - it's only €50 difference and I'm bit disappointed but every euro counts, right?!
 
Thanks MMDonnelly. So the amount of the top up is counted when calculating your LTV but the interest rate on the topup is not adjusted if it's a tracker?
 
Hi, I got my house valued by one of PTSB's EA's. It took all of 5 minutes and she gave me a value on the spot, i thought it was a bit low but what do i know.
She sent the written report out to me the next day and what did surprise however was that on the report was listed other houses in the same town in estates far less popular than ours that went for more than ours has been priced as.
Am I paranoid or is it in the Bank and their EA's interests to keep the prices down? Should I get an independent estimation?
 
Same happened to us. We live in a rural location and the closest approved PTSB valuer was not really familar with area. He used sale price of 3 properties from daft.ie that were sold in last 12 months but these were not at all similar to our house. He decided our valuation based on average of these 3 which left us with over 85% LTV....He would not move on this valuation & PTSB will only let you use their Valuers. So we move from 4.5 % to 4.2%....was expecting a bigger drop in rate at the beginning of this process. So disappointed. Have emailed Minister Noonan re this....for all the good it will do.
 
Lucuma said:
Thanks MMDonnelly. So the amount of the top up is counted when calculating your LTV but the interest rate on the topup is not adjusted if it's a tracker?
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I'm not sure whether they take the tracker loan amount into account or not - our €15k didn't make any difference in the threshold level as we were well below 50% mark. I think they just need to know that there is another loan on the property but others better informed may confirm that. Of course this would make a big difference for people on ltv 60% or more...

The valuation was about 30min with measuring and walk around and we got the report week later. I was told that they have to compare the house with others in similar size within 10km radius and if there is none this close (we live in rural location) than widen the circle... however other similar houses were a bit closer to bigger towns so the value was higher. These houses were taken from the estate agent's books and not daft. But at the end we were on the par with them as the finish of the house was high ;-)
 
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