Very frustrated by this. We're in the middle of trying to sell our house and trade up, and we have everything ready to go except one thing that our purchaser needs to get from their lender... been waiting over 5 weeks for it. Our mortgage for the new property is with PTSB but our offer is expiring next week, and they'll only give an extension with the new rates, so we're stuck. Was hoping to be able to draw down before this happened!
If this is true it's a welcome change. It means that any existing PTSB customer whose mortgage balance is over €250k can re-fix at the above rates. (Those >€250k rates were previously only available to new customers.)The bank has also confirmed that existing customers can access the same fixed rates as new customers with the exception of one introductory offer.
This wording is misleading. As far as I can tell, it just means that if you are in the middle of a PTSB fixed rate, your interest rate won't change. (No surprises there.) It does not mean that existing PTSB customers can re-fix at the old, lower rates.There are no changes for customers on existing fixed rates
I called PTSB - the press release Brendan has is the correct one. I am able (as existing customer) to avail of the lower HVM rates - which is brilliant. Despite PTSB raising rates, they have actually lowered them for customers like me!If this is true it's a welcome change. It means that any existing PTSB customer whose mortgage balance is over €250k can re-fix at the above rates. (Those >€250k rates were previously only available to new customers.)
PTSB's webpage of rates appears to confirm that, although it seems that there are typos in the "Existing Home Loan Customers – High Value Mortgages" table. (It says "New Business" instead of "Existing Business".)
Mortgage Interest Rates | permanent tsb
No matter where you are on the property ladder we have a mortgage rate that will suit you. View our up to date mortgage interest rates.www.permanenttsb.ie
This wording is misleading. As far as I can tell, it just means that if you are in the middle of a PTSB fixed rate, your interest rate won't change. (No surprises there.) It does not mean that existing PTSB customers can re-fix at the old, lower rates.
Yeah you're right, that doesn't help! In fairness, we did try and get an extension a few weeks ago through our solicitor but they have recently stopped taking requests for extensions that way, and we only found that out early last week. I've been asking for an extension since late October, but our broker and solicitor kept saying that it should be grand, our purchaser will get this last bit of paper and it'll close quickly. Should've forced the issue more I suppose. But anyway, it is what it is.Frustrating but you let your offer go to the last week. You should have asked for an extension a couple of weeks ago once you knew the timelines were getting tight. You haven't even signed final contracts if you are still waiting on something and the drawdown of funds haven't been requested. You were always going to need longer no matter what announcement was made this morning....
I know that doesn't help....
Based on the conditions applied recently by other lenders, I would imagine it means formal approval, i.e., a letter of offer.The article says "Those with mortgage approval will have 90 days to draw down at current rates before increase"... Does this refer to Approval in Principal or some further form of approval?
Based on the conditions applied recently by other lenders, I would imagine it means formal approval, i.e., a letter of offer.
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