Say you have 81k left on your mortgage.
One would assume that in getting the 10% bonus, PTSB would be in effect, writing off 8,100k of the 81k, right?
This completely contravenes everything I have read thus far on this offer.
Every website and newspaper article I have read in relation to this offer has described it in simple terms by way of;
If you pay 10k, the PTSB will take 11k off your mortgage.
Correct.Every website and newspaper article I have read in relation to this offer has described it in simple terms by way of;
If you pay 10k, the PTSB will take 11k off your mortgage.
To use the exact figures:
The full redemption amount due is: 80,905
This is the full amount due on the mortgage, I would be looking to pay this off completely.
I thought that availing of their 10% offer, this would take 8,090 from the above figure, making the amount payable 72,815. Simples, right?
However, the figure they have given me is:
73,550
Plus 10% bonus on this figure - 7,355
The 10% is calculated as a % of the amount the person is paying, not the amount due or the amount being taken off. Looking at the 'pay 10K, get 11K off' example, the 1K 'bonus' is 10% of 10K, not 10% of 11K. In your example, you are getting 10% of 73,550 (=7,355) to pay off a total of 80,905. The 10% bonus is of the amount you pay, not the amount you owe. So pay 73,550 - get 80,905 off.The way I have read it described in many websites, newspaper articles etc.. is that if you pay off 5000, you get 5,500 off. Pay off 10,000, get 11,000 off, pay off 100,000, get 110,000 etc etc...
It doesn't seem quite as straight forward the way they are calculating it?
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