Coming off PTSB Fixed rate

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Emmet12

Guest
It has been suggested on previous threads that once the fixed term expires (in my case 4 years into a five year fix at 4.2%), that the borrower reverts back to their previous arrangement..(which in my case would be ECB+1.1% tracker). Can anyone confirm that this is true ?

I know the obvious answer would be to contact them but every time I do I get a different answer. I do intend to get the answer in writing from them .. but in the meantime can anyone confirm or deny ?

I was thinking of breaking out and moving to AIB but would be crazy to with such a nice tracker a year away .. or is that just wishfull thinking ?
 
Permanent TSB have had different policies and tracker rates at various times in the past. The only way to find out for sure is to read the terms of your loan offer. If you don't still have a copy of the loan offer, your solicitor might still have a copy. Or Permanent TSB might be able to send you a copy.
 
Just received a new piece of info .. PTSB do not allow customers break out of fixed rates any more (new directive), they must redeem mortgage. Looking like they want you to take your business elsewhere !
 
I've asked them, they said yes, I asked them would they send me a letter to that effect, they said they would - it should be in the post. I keep you posted.

I've also just checked my loan agreement and it says in the special conditions part:

"where the applicant switches the rate on this loan to a rate which is fixed for a certain period, the applicant must inform PTSB, on expiry of the fixed rate period, whether they rate on the loan is to switch into a further fixed rate (if available) or whether the loan is to revert to a tracker mortgage loan as described above. in the absence of instructions from the applicant at the expiry of the fixed rate period, the interest rate will switch to the then current variably interest rate and as may be varied from time to time thereafter."

I will send them a registered letter way in advance instructing them to revert my loan back to the tracker (ECB+1.1)!!!
 
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Petal, as it comes closer to your term ending, PTSB will send you out a letter with the various rates available and you just have to mark which one you want, sign it and send it back to them. Make sure you keep a copy!
 
Yep they said they would send me an options letter. I'm so glad I asked the question at the time (hadn't thought about reading my loan offer at that time)...
 
I beleive I'm in teh same position as petal.

Would you recommend me ringing up (first active in my case) to confirm it, or just wait until my fixed finishes (october) and see what is on offer? I'm keeping my current fixed simply because the tracker at the end is quite valuable :D
 
I'm doing the exact same, I'm hanging on till December because the tracker I will fall onto will be far more valuable to me then any variable out there at the moment. Switching lender is not an option for me as i'm in negative equity at the moment. I emailed PTSB and I also asked them to send me a letter confirming that the tracker will be available to me once the fixed rate expires.
 
The tracker rate PTSB are offering is very poor. I am coming off the introductory tracker ecb+.99 and the best they are offering is ecb +2.25. And the fact now that PTSB rating has gone down it is more expensive for them to get money therefore I'm sure they will pass this onto their customers.
 
Emmet12 said:
Just received a new piece of info .. PTSB do not allow customers break out of fixed rates any more (new directive), they must redeem mortgage. Looking like they want you to take your business elsewhere !
Click to expand...

They've changed this now - got this today...sorry about formatting...some issue with cutting and pasting...

Permanent TSB a
Click to expand...
re now re-launching the option for customers to switch from a fixed rate mortgage to a variable rate.

Customers may now request the switch by phoning 1890 500121 (Option 4) and our Mortgage Services team will provide them with the information required.
Click to expand...
 
Am absolutely delighted I went off fixed rate at christmas with no penalty. Went from 5.10 to 4.60 with no breakage costs.

Customers avoid large penalties after glitch at bank
PERMANENT TSB mistakenly allowed customers to switch from expensive
fixed-rate mortgages to cheaper variable rates without charging a large
breakage penalty.
http://www.irishtimes.com/newspaper/finance/2009/0228/1224241990700.html
 
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