Charge for changing my mortgage

N

nhainsworth

Guest
Hi Guys

I have recently inquired about changing my tracker mortgage from Perm TSB to the LTV mortgage with NIB.I asked Perm TSB for a closing balance and they said because i was changing i incurred a closing charge around €2000?? Can somebody please tell me if this is correct? I thought this only happens for Fixed Interest Loans?? I have also read through the contract and don't see anything mentioning charges for early payment of the mortgage. Hope you can shed some light on this for me!

thanks
Neil
 
Charges are not the same as fixed rate period breakage penalties. Do the terms & conditions of your loan agreement say nothing about such charges? How do PTSB explain it? If you are not happy make a formal complaint in writing to them. If you get no joy then get a final response letter from them and take the matter to the [broken link removed].
 
Did you switch to ptsb already from somewhere else? if you legal costs were paid they may have a clawback clause
 
agapanthus said:
Did you switch to ptsb already from somewhere else? if you legal costs were paid they may have a clawback clause
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I know that if you switch to EBS and then switch away from them within five years, they charge 777 euro, maybe its something similar?
 
Hi nhainsworth,
Would you mind feeding back when you know why you are being charged?
We might be in the same boat ourselves very soon and am feeling similar may happen to us.
Thanks
Fauve
 
Fauve - I'd imagine its clawback and/or penalty for breaking out of a fixed rate.
 
nhainsworth said:
Hi Guys

I have recently inquired about changing my tracker mortgage from Perm TSB to the LTV mortgage with NIB.I asked Perm TSB for a closing balance and they said because i was changing i incurred a closing charge around €2000?? Can somebody please tell me if this is correct? I thought this only happens for Fixed Interest Loans?? I have also read through the contract and don't see anything mentioning charges for early payment of the mortgage. Hope you can shed some light on this for me!

thanks
Neil
Click to expand...
PM1234 said:
Fauve - I'd imagine its clawback and/or penalty for breaking out of a fixed rate.
Click to expand...
Not in this case. Are you referring to something else?
 
Hi Guys, thanks for all the replys, appreciate the help, Anyway to put this issue to bed here is what happened. I was not charged any extra charge for changing my mortgage. When i rand PTSB they gave me a closing balance on the Mortgage for that date, it was around 2000 euro higher than the balance in my last statement so i presumed it was some sort of charge. e.g 31/12/07 i had a balance of 242900 according to my statement, when i rang PTSB he told me the closing balance was around 244500 rough estimate. His estimate included interest accrued over nearly a month and did not take into account the last payment i made at the end of dec. hope this clears things up. I have now changed over and in the end i only had to pay for a valuation.
 
nhainsworth said:
When i rand PTSB they gave me a closing balance on the Mortgage for that date, it was around 2000 euro higher than the balance in my last statement so i presumed it was some sort of charge.
Click to expand...
So what you originally said was totally misleading? :confused:
nhainsworth said:
I asked Perm TSB for a closing balance and they said because i was changing i incurred a closing charge around €2000??
Click to expand...
 
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