PTSB If you have broken out of a fixed rate twice, make sure ptsb gives you the earlier tracker rate!

Kelmcc

Registered User
Messages
16
Clarification from Brendan Burgess

As this post is confusing and as it's very important, I will explain what may have happened here, as it may help others.

upload_2015-8-28_11-27-32.png


Kelmcc had no rate specified in her contract.

When permanent tsb first reviewed her case, they saw that the fixed rate expired in May 2013, and put her on a rate of ECB +3.25%.

When they looked again, they saw that she had broken out early in May 2008 and had not been told by PTSB at that point that by doing so she had lost her right to be offered a tracker on expiry of the first fixed period. So they have given her the rate applicable to October 2008 - ECB + 1.68%.

The second fix and break were irrelevant.

Lessons for others
If you have broken out of a fixed rate twice, you should get the rate of the first break.

Brendan


Hi all,

I took my mortgage out in October 06 and it was fixed for 2 yrs. I broke out of this fixed rate early in May 08 and entered into a 5yr fixed rate. I broke out of this rate early in Feb 09. No fees were charged for either early break outs.

So I was part of the redress programme and received the first letter on Monday morning. My new rate was to be 3.3% -ecb+3.25%. I was not happy about this at all and began bombarding PTSB with phone calls and questions about where this rate came from. Not one person could explain the exact reason or origin of this rate. I had also requested all correspondence regarding rate changes between me and Ptsb to be sent out 2 weeks ago!! as I was sending them to Padraic Kissane. They refused to post them out! I was getting nowhere speaking to the call reps as they are probably given no information to pass on. So I demanded to speak to a manager / Team leader. The team leader promised I would get a call back from a senior person in mortgage services before the end of the day.

At 5.55pm on Wednesday a senior person of mortgage services phoned and told me my redress offer was being amended. I was being offered the redress package from when I broke out of the first fixed rate. My new rate in ecb+1.68%=1.73%

I haven't received my new letter yet but my rate has been amended accordingly on open 24.

I did not have a margin quoted on my loan offer. And had I not made those phone calls, would I still be on 3.3%??????

I wanted to share my story incase it helps others in a similar situation
 

Attachments

Last edited by a moderator:

PTSBCase

Frequent Poster
Messages
81
My only concern with my & other cases is that we broke out early 2009. You state that your new tracker is based on you breaking out in 2008 so the tracker offered then may have been that rate. I'm not so sure our battle to get the rate reduced when exiting in jan 2009 will be as easy. I wonder does anyone know what the tracker rate was in jan. 2009? I hope not 3.25%
 

Kelmcc

Registered User
Messages
16
I had never been on a tracker and was not offered one before. I was always envious of others on trackers but I had been told by Ptsb that I was not entitled to one.

I presume the new margin is from when the first fixed rate was due to expire - October 08.

When I got off the phone I screamed!! My two little ones didn't know what was happening!

Don't let Ptsb think this is easy, bombard them!!
 

Highchair

Registered User
Messages
7
Great news for you kelmcc! Such a disgrace that you had to fight for that too though! These are the rates I was given by the bank with the relevant dates. They're for investment loans so I think in general home loans are 0.1% lower:
17/4/07 - 7/12/07 =ECB +1.1%
8/12/07 - 30/5/08 =ecb+1.35%
31/5/08 - 8/8/08 =ecb +1.35%
9/8/08 - 19/12/08 = ecb +1.78%
20/12/08 - 30/8/09= ecb +2.35%
31/8/09 - current = ecb+ 3.35%
I think your first fixed rate was due to expire on oct 08 and at that time it was ecb + 1.68% for homeloans which is probably why they've put you back to that.
 
Last edited by a moderator:

Thomas

Frequent Poster
Messages
82
Kelmcc

I was very interested in your post. I am in a similar but not exactly the same situation as you. I had a discounted tracker fixed for 1 year. I broke out of that fixed period to fix for a further 3 year period. Can you let me know what were the rate terms in your special conditions regarding tracker rates you were entitled to? When you were talking to PTSB did they explain how they got the revised rate?
 

Brendan Burgess

Founder
Messages
37,836
Folks,

It's really important to stay on topic. I have deleted around 20 posts which simply repeat the outrage at having to pay 3.3%.

This is a very specific topic. kelmcc has had the initial rate offered reduced. This could be very important to others. It's essential to keep this on the specific topic of how he achieved this.

This also applies to other threads. They become useless if you all post the same general comments on every thread.

Brendan
 

Brendan Burgess

Founder
Messages
37,836
Thomas

I suspect that kelmcc had the low tracker rate specified in his contract.

I doubt if ptsb gave him the lower rate just because he kept ringing them.

Brendan
 

Thomas

Frequent Poster
Messages
82
I agree. that is why I was curious about his terms as I was interested to know if the lower rate was specified or was it the fact that it was broken on two separate occasions meant that the expiry of the first fixed period guided the rate rather than the expiry of the second fixed period (which could apply to my case - subject to other issues)
 

Brendan Burgess

Founder
Messages
37,836
As kelmcc has not been on Askaboutmoney since he got his rate reduced, I have edited the first post to clarify what I think happened.

Brendan
 

emeralds

Frequent Poster
Messages
657
Am I understanding it correctly when I think that kelmcc was never on a tracker at all? But got one because one should have been offered in May 2008 and wasn't offered?
 

Brendan Burgess

Founder
Messages
37,836
She was not on a tracker as she fixed from when she drew down the mortgage.
But her contract entitled her to a "tracker at the then current rate on expiry of the fixed rate term"

In October 2008, they should have offered her a tracker , but didn't.

Brendan
 
Top