Yes, I made a submission on Phase 1 which is attached.
But here is the relevant bit:
Ulster Bank customers will become “existing” customers of permanent tsb
When UB customers were shopping around for their mortgage, they could have chosen a lender which provided cashback up front in exchange for higher mortgage rates throughout the term. But they made a conscious decision to forego cashback and opt instead for longer term value.
But if their mortgages are sold to ptsb, they will get the worst of both worlds. They didn’t get cashback but they will be stuck with very high mortgage rates.
From Table 4, it can be seen that a ptsb customer with a <80% LTV who fixes for two years, will pay €2,550 more in the first year than a similar Ulster Bank customer. If the rate differential remains the same over 20 years, the ptsb customer will pay €30,013 more over the full term of the mortgage. Of course, if the takeover goes ahead, the UB customer will become the ptsb customer.
Table 4: Comparison of permanent tsb and Ulster Bank mortgage lending rates for existing customers