ptsb customer trading up, not offered 2% cash back

[Brendan Burgess]

A friend of mine has sold her house and is buying another one.

OK, she is not a first time buyer and she is not a switcher. She was planning to stay with ptsb but she will end up paying ridiculously high rates without the 2% cash back.

She has had to get all the paperwork together for the new mortgage, so she might as well switch lender. I wonder how many existing ptsb and BoI customers trade up without shopping around.

Brendan

 

[BillyO]

A friend of mine has sold her house and is buying another one.

OK, she is not a first time buyer and she is not a switcher. She was planning to stay with ptsb but she will end up paying ridiculously high rates without the 2% cash back.

She has had to get all the paperwork together for the new mortgage, so she might as well switch lender. I wonder how many existing ptsb and BoI customers trade up without shopping around.

Brendan

We're in the process of trying to trade up. PTSB approved NE trade up mortgage but we do not qualify for 2% cash back. Also can not switch because of NE.

Also affected by the PTSB tracker issue. In 2009 we declined the offer of ECB + 3.25% as the SVC was lower at the time. So new rate with NE trade up will be on 4.3%. IF WE DECIDE TO SELL/TRADE-UP

 

[Brendan Burgess]

PTSB approved NE trade up mortgage but we do not qualify for 2% cash back. Also can not switch because of NE.

OK, that explains why they do not offer it to existing customers.

Many of them won't be able to switch. They might offer it to those who can.

Brendan

 

[BillyO]

OK, that explains why they do not offer it to existing customers.

Many of them won't be able to switch. They might offer it to those who can.

Brendan

I would be pretty annoyed if I thought they were offering to those who are not in NE and can switch. How could we find out.

 

[kildon]

Looking at condition 2 of the T&Cs, seems those in NE can't get the offer

Terms and conditions for 2% cashback
The following terms and conditions will apply in relation to the mortgage incentive (“the Promotion”):

1. ...
2. The loan applicant(s) cannot avail of the Promotion where the loan to be advanced is a Top-up loan, a Tracker Portability loan, a Buy to Let loan, a Negative Equity loan. Customers who have already drawn all or part of their mortgage funds on or before 11 January 2016 are also not eligible for this Promotion.

 

[Brendan Burgess]

kildon

What is more interesting about this is that it implies that an existing customer of ptsb who is not excluded by any of those conditions, should be able to get the 2% cash back when they move house?

Brendan

 

[Sarenco]

kildon

What is more interesting about this is that it implies that an existing customer of ptsb who is not excluded by any of those conditions, should be able to get the 2% cash back when they move house?

Brendan

I don't see anything odd about that - it's a new mortgage at the end of the day. BoI extend their cash back offer to existing customers in similar circumstances.

To put it another way, I don't see any reason why an existing customer wouldn't qualify for the PTSB cash back offer on a new mortgage that does not fall within the excluded product categories.

 

[Brendan Burgess]

Hi Sarenco

Again, we are in violent agreement. What is odd is that my friend, an existing ptsb customer, who is not excluded by any of the above conditions, was not offered it. When she asked about it she was told that she would not be getting it.

Brendan

 

[Sarenco]

Hi Brendan

I certainly agree that is odd and it actually makes no sense from PTSB's perspective - they are simply losing a, presumably, valuable customer to a competitor. Mind you, it's certainly not the first time that PTSB has taken a decision that seemed very strange to me.

 

[kildon]

To your earlier post Brendan, yes existing Ptsb customers trading up can get the 2% unless they are excluded. BOI the same I think