PTSB and Rate Cut

My mortgage payment comes out of account on the 12th of the month. PTSB said I should see 1st ecb reduction on the amount paid by tomorrow.
Also at the moment I am on a discounted tracker rate of .75% above ECB.
They told me when it expires I will be put on the tracker rate of 1.68% above ECB.
When I took out the original mortgage earlier this year the current tracker rate was .85% above ECB.

OUCH>>>>>>>
 
The October decrease is reflected in my monthly payment online now, but that only happened after we got a letter informing us of the new amount & we had paid 2 months at the old rate.. who's knows when the second rate cut will be applied :rolleyes:
 
I'm just off the phone following the MOST FRUSTRATING conversation with PTSB, where I was 'patiently' spoken to like I was a little slow on the uptake.

No point going in to all the details but I finally suggested that my recorded call be passed on to a supervisor so that they could learn a bit about customer service and clarifying their communications.

Given their 'push' to get us all online - I am surprised that there is no explanation for how they are treating the rate cuts on their website.

I have three 'tracker' mortgages and have yet to see any difference in my monthly payments - my payments come out on the 23rd of the month.

I am very fed up but no doubt they'd like me to get so fed up I look elsewhere for my mortgages - no chance - I'm sticking to my trackers like glue!
 
Both my rate and amount reduced online. I also got a letter from PTSB to tell me it had reduced also.
 
peelaaa said:
My mortgage payment comes out of account on the 12th of the month. PTSB said I should see 1st ecb reduction on the amount paid by tomorrow.
Also at the moment I am on a discounted tracker rate of .75% above ECB.
They told me when it expires I will be put on the tracker rate of 1.68% above ECB.
When I took out the original mortgage earlier this year the current tracker rate was .85% above ECB.

OUCH>>>>>>>
Click to expand...

What does your mortgage documentation say about the transition? Mine states I would switch to ECB + .8% (from .6%) when the discount period expires (early next year) - no mention of it being the current tracker rate when the discount period ends.

Did they change this, or have I misinterpreted my documentation?
 
rmelly said:
What does your mortgage documentation say about the transition? Mine states I would switch to ECB + .8% (from .6%) when the discount period expires (early next year) - no mention of it being the current tracker rate when the discount period ends.

Did they change this, or have I misinterpreted my documentation?
Click to expand...

Mine says,

'On expiry of the discount period, the interest rate will be the then current ptsb tracker mortgage rate appropriate to the loan as may be varied in accordance with variations to the ecb rate.'

I was certain that when I took the mortgage out earlier this year, the tracker rate at the time was +0.85%.

And can anyone explain what 'the then current' means?
 
sulo said:
Both my rate and amount reduced online. I also got a letter from PTSB to tell me it had reduced also.
Click to expand...

My rate is reduced (according to the online info) but no reduction in payment yet. I'm on 0.75% above ECB and payment comes out on the 13th. Not a word from PTSB either.
 
My online mortgage account now shows the payment reduction. Woohoo! Maybe I should've posted on here earlier!
 
changed for me finally too. I know that there is nothing can be done about the fact that they have 30 days to amend the rate but I do have an issue with the repayment amount not being changed to reflect the new rate within the 30 days - i.e. rate reduced by ptsb but old repayment amount continues for an extra month. This amounts to forced overpayment of mortgage, which while not costing the mortgagee anything (and actually saving them a few bob in the long run) prevents them from the right of having a lower payment following the implementation by ptsb of the lower interest rate.
 
You must log in or register to reply here.
Back
Top