PermanentTSB - The bank you can't get on with

L

legend99

Guest
heres a nice story to warn you off PTSB. Got the letter before Xmas saying discount rate wass up. best rate offered on the letter of options was their variable rate of 3.55%.
No mention of any tracker rates.

having read in the tribune that they had made trackers available to current customers but that they were not telling them, I rang up. Because my initial amount had been 250k at time of draw down(that is before the 12 months discounted montly payments) I was told i qualified for the 3.1% tracker. iwas asked to put this in writing which i did. Nice of them to offer me 3.55% while I was entitled to less.


Got a call a few weeks later to say they would not give me 3.1% as the current balance had to be the 250k, didn't matter how much original drawdown was. By the way, as I check today the outstanding amount is 246694.85(98.67% of 250k).
I made my feelings very clear regarding being offered the best they could do, 3.45%, the tracker for amounts less than 250k.
I refused, pointing out that i had already been informed I qualified for the 3.1%. Lets just say the service manner offered to me was not exactly helpful. I told them, which is true, that my sister is a solicitor and that i am be waving goodbye unless they honour what the offered. She said to leave it with her.

As she didn't have the manners to ring back, I again had to ring them. Again i have been told basically tough. Again, the first person I talked to told me I did qualify. Again, when he chased it through and rang me back he had been told to tell me the same message. At this point I have begun the process of moving.

Moral of the story, ignore the great PermanentTSB ads running on TV at the moment. When i chedked the online mortgage calculator I see that where I to stay full course, the total interest would be well over 150k. So I'm just glad that they don't feel they need my business.

This is not the bank to get on with.....
 
..

Appointment with another Bank to begin the process of switching next Thursday.
Wonder if PTSB will even bother following up the issue with me.
 
Re: ..

Sounds like hassle that you don't need.

What do you have in writing from them?

Would a visit to the original mortgage advisor make a difference?

What about contacting a different branch on the phone...pretend you are a new customer and see what they say...

The cost of changing mortgage is substantial...unless your sister can do the legal work...
 
Switching mortgage

Try UB's switcher package to have your legal fees covered
 
Switching Banks

I too am in the process of switching , from BOI after 20 yrs ++ to NIB.
They offer free banking, will pay 600e towards legal fees, and a tracker rate of 2.79. I currently pay 3.6!!!

Looking good so far, will be lodging all the documents nxt mon.
 
Re: Switching Banks

Hello emnc,

i am currently trying to switch from permanent tsb also. i had a look at NIB's website but did not see any 2.79 tracker rate.

is it available to all, or did you negotiate this rate yourself?

thanks for help,
luke
 
Re: Switching Banks

I too am about to change from BOI to NIB after 20+ years.

Going for the offset mortgage and I know the tracker is 2.99%.

I have asked for the 2.79% tracker (which is freely available if
one took the ordinary mortgage) and they can have my business.

Wrote to NIB last Tuesday and still awaiting a reply.
 
Also recieved this letter last week, not sure about what to do. How does the tracker work? If the interest rates rise by say .25% does the tracker rate rise by that amount also ?
 
Got the same letter last month from PTSB 3.55% variable - in the process of switching to UB (Switcher Mortgage).

The only thing I ever felt PTSB had going for them was the Loyalty Account - Free Banking for mortgage holders and Open 24 online service. I know UB have a €9 monthly membership on their current account and I don't know if you can service your account online??
 
Re: ..

Yes, I got this rate of 2.79% as my mortgage is less than 60% of the value of the house, the rates increase slightly after that.
Good luck with the move and Bye Bye BOI, thanks for nothing!!!
 
Re: ..

I don't know if you can service your account online??

Yes, but you are limited to using one computer at a time, i.e. you cannot view your accounts on different computers without calling up and getting a new 'shared secret'. Their online banking is ok-no better than any of the rest. For €9 per month, you would need to have quite a few transactions to make it worthwhile, and their are other charges not included in the €9, e.g dd setup charges, and they also charge you a fee for issuing a new ATM card every few years.

All this needs to be taken into account when deciding whether the lower interest rate is better value (probably is).
 
legend99, It seems that you would be an exception to the norm?

If your balance after the first 12 months at the reduced had of been over 250K they would have allowed you take up the 3.1% Tracker wouldnt they. Im about to use PTSB for a similar 1 year fixed and then switch so was wondering if you remain over the 250K are you ok with switching to the Tracker.
 
depending on who you talk to you'll get different stories...but I think 3 from the 4 I spoke to said in your situation you would qualify...
 
Last I heard was that PTSB won't let you switch to tracker variable; at the moment you'd have to remortgage. They might have changed that but 6 months ago the tracker variable was "reserved" for new customers.
You might want to check with the branch.
 
Back
Top