PTSB 2 Year Fixed, then 3.35% Tracker

L

Limerick17

New Member
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Hello
just a query that's been running through my head since rates really shot up.
March 2008 - purchased a BTL with PTSB. Asked for a tracker and was told to do 2 years fixed and then I would revert to a tracker.
April 2010 - was given 4 options
(i) Tracker ECB + 3.35% = 4.35%
(ii) Variable 4.95%
(iii) 2 Year Fixed 5.35%
(iv) 5 Year Fixed 5.85

My wife had a tracker on her home with PTSB of ECB + .9% so in 2008, I was expecting to be offered this in 2010. With the Irish Economy in tatters at the time, the four options above were not good but I went with the cheapest which was the high rate tracker.
Rents started to drop and by 2014, I had to go interest only. PTSB sold my loan to Start where I've been since. I'm now stuck with Start and can't obtain a fixed rate with them.
To make matters worse, my wife's PTSB mortage which never missed a payment or had the terms altered in any way was also sold to Start simply because my name was on the mortgage (she owned the house before we married but my name never went on the deeds). Again, we can't obtain a fixed rate with them.

Are there any redress options open to me?
 
I'd be very much keeping the 0.9% tracker. Rates may go up a bit further, but they will come down too.
Banks tend to average 2%-2.5% over ECB on average over a period. The current anomaly where some fixed rates are attractive won't last and when the fixed rate ends you are at the mercy of their rates then and start are not known for any sort of value and you could be 4% or more above the ECB then.

As for the BTL - the bank manager was advising you based on the situation at that time. He was probably right at that point as no-one foresaw the massive crash and funding issues which led to trackers then being so high compared to the crazy days
 
peemac said:
I'd be very much keeping the 0.9% tracker. Rates may go up a bit further, but they will come down too.
Banks tend to average 2%-2.5% over ECB on average over a period. The current anomaly where some fixed rates are attractive won't last and when the fixed rate ends you are at the mercy of their rates then and start are not known for any sort of value and you could be 4% or more above the ECB then.

As for the BTL - the bank manager was advising you based on the situation at that time. He was probably right at that point as no-one foresaw the massive crash and funding issues which led to trackers then being so high compared to the crazy days
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Many thanks for that. I appreciate your advice
 
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