End of fixed rate term

S

shillster

Registered User
Messages
9
I have my mortgage for 4yrs, and have been fixing it every year. At the end of each year I usually get a letter detailing interest rates & giving me the option of going with Fixed or Variable. This year I did'nt get this notification, and now my mortgage is on a variable rate and I want it fixed. I rang PTSB and they have now sent me a list of rates, but also a charge of €100 to change to fixed rate. Why am I being charged €100?
 
I rang & its an admin charge, anyway they are not charging me because I never got my end of term letter.
 
Just out of interest - what is the fixed rate they are giving you and have you tried getting a better rate elsewhere?
 
Presumably Permanent TSB didn't actually admit that they hadn't sent out the letter as such letters are computer-generated anyway. So it's hard for them to say they did or they didn't - they can only read off their screens what they think happened.

Moral of the story - if PTSB try to charge an admin fee for this sort of thing - quibble with them and they may give in.

5.35% seems poor value for a one-year fixed rate. That's a full 1.35% over the present ECB rate of 4%. Why don't you switch to a Tracker Variable rate (with PTSB or whoever gives you the best rate) and save up the difference between your actual repayments and the ones proposed by PTSB on their 5.35%? If your tracker rate exceeds 5.35% before the end of the year, pay the difference out of your savings. But I doubt if it will.
 
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