Home Improvement (top up) loan with ptsb - is 3.95% variable the only option?

Brendan Burgess

Brendan Burgess

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I was comparing the Ulster Bank rates with the permanent tsb rates, and it seems that if you are ptsb customer and you want a mortgage top up , the only rate available to you is the Home Improvement Loan(Top Up) which is a variable interest rate of 3.95%.

Could I be reading this correctly?
What is the practice in other banks? Do they have special higher rates for top ups?

Brendan
 
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Yes, I can vouch for the higher PTSB home improvement loan or top up rate, hence why I’m over paying it with a view to clearing it in 3 years as opposed to 10 years.
I might also add they make you jump through hoops to get it, the delay’s and bureaucracy nearly cost us the project.
 
Hi Nordkapp

That is very interesting, because I thought I might be misreading it.

What rate are you paying on your main mortgage?
Have you tried/insisted on paying the same rate on your top-up?
Have you asked for a justification? I think it would be a good idea to make a formal complaint and ask for a justification.

Have you considered switching to another lender?

Brendan
 
Paying 1.35% on PPR
They were quite specific on the rate
It was a case of take it or leave it, we had to take it
 
This is yet another example where permanent tsb gouges their existing customers.

Nordkapp can't switch because he has a cheap tracker. So it's not worth it unless the top-up is much higher than the balance on the tracker.

But many others would be so tied up in the extension that they are not thinking of mortgage rates.

Brendan
 
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