Anyone with a PTSB SVR mortgage in arrears or rescheduled?

[Brendan Burgess]

I am surprised that there are not more stories of people who have been put into arrears by the PTSB's high rates.

I would be annoyed enough at having to pay almost twice the rate as another state owned bank , but if these high rates had pushed me into arrears, damaged my credit record and put me at risk of losing my home, I would be far more vocal about it.

 

[ClubMan]

Apropos of this ... in this thread

http://www.askaboutmoney.com/showthread.php?t=162758

I asked this question

Are there any figures on what percentage of the overall market (in numbers (of borrowers) and/or money terms) PTSB SVR mortgage holders represent? Maybe it's not that big after all in which case the issue may not be as significant as first assumed and it may be no surprised that there is not more outrage?

and you replied:

Hi Clubman

Good point.

In total, there are around 700,000 customers with home loans worth €115 billion ( Central Bank arrears stats)

PTSB has a home loan book of €19 billion, so they have around 115,000 customers. (Central Bank PCAR )

60% are on trackers. (a figure widely used, not sure of its source)
I would guess that 20% are on fixed rates
which leaves around 20% on SVR

which gives around 20,000 home owners on SVRs now

with a total of 40,000 exposed to them over time.

So given the possibly relatively small (in the greater scheme of things) number of people (c. 3% of the total mortgage market) on PTSB SVRs maybe you should not be so surprised that there are not more stories of such people being in arrears?

 

[Brendan Burgess]

OK

There are 20,000 PTSB customers with SVR mortgages.

Around 10% of mortgage holders of all institutions are in arrears or have rescheduled.

So one could expect around 2,000 PTSB SVR customers to be in arrears.

I would expect those paying 6% on a PTSB SVR mortgage to be more likely in arrears than those paying 1.6% on a cheap tracker, so the percentage of PTSB SVR holders should be higher.

But even if it's still only 10%, that is 2,000 people in arrears.

Some must be in arrears who would not otherwise be in arrears, if they were paying, say 4% instead of 5.2%. Fewer again would be in arrears if they were on the AIB 3% SVR.

 

[angela59]

Hi Brendan,

Yes I have had my mortgage restructured - am paying interest only on my SVR mortgage and will be for the foreseeable future. I have written twice to my local TD who ignored both emails, phoned him, promised he would come back to me after questioning Minister Noonan - still no reply - have written again by letter this week, wrote to matthew Elderfield - got a reply which I posted under that thread. If the interested rates came in line with AIB I would be able to pay the full mortgage as I am sure thousands of other homeowners would but PTSB don't seem to get that.

Angela59