PTSB PTSB Customers coming off discounted trackers - check your contract!

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peelaaa

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Is there anyone coming off a PTSB discounted tracker soon. Do you know what your new tracker rate will be?
 

core123

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Not great rates i'm afraid. The best rate is ECB +2.25. A big increase.
 

petrucci

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Re: PTSB tracker

Any luck? I'm just wondering actually, if you went for this ECB+2.25%, would you be stuck with this margin forever? Did you happen to ask about it?
 
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Danger Mouse

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Re: PTSB tracker

I'd actually like to know about this too. Coming off 1-year discounted with PTSB so about to get hit with the ECB +2.25%. Called the mortgage centre and the guy on the phone said that my broker must not have done a very good deal for me so i'd love to know if this rate is negotiable if I maybe threaten to switch banks?

Also, do I have to go through a broker again or can I deal directly with the bank this time round?

Cheers :)
 

core123

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Re: PTSB tracker

Hi Cerebal,

I was on a 2 year discount tracker ecb +.99% and have been offered a new tracker rate of ecb + 2.25% do you know what your special conditions say. I have mine and unless i'm reading it incorrectly i don't see that condition that you had unfortunately. If you don't mind me asking what exactly does your say?
 

cerbera1

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Re: PTSB tracker

D. The interest rate applicable to this tracker loan may be varied by permanent TSB provided it will not exceed 0.60% over the ECB refinancing rate for the 1st 12 months (the discount period) from the date of loan issue. the ECB rate may be varied from time to time by the ECB. In the event of any variation of the ECB rate during the discount period the interest rate applicable to this loan will not be more than 0.60& over the ECB rate as varied by the ECB. On expiry of the discount period the interest rate applicable to the loan will not be more than 0.80%over the ECB rate.

I am so delighted my solicitor got this sorted for me...
 
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peelaaa

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Re: PTSB tracker

I received letter with the new tracker rate of ecb +2.25%.
My 1 year discount rate was +.79% which expires in march.

The conditions on my mortgage states that after expiry of discount , the rate will revert to 'the then current tracker rate'.

I called PTSB and that tracker rate will not change.
 

core123

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Re: PTSB tracker

I feel your pain. I'm in the same boat. I really think those introductory offers should be abolished. The seem great but once they finish they really try and screw you. I tried to ask them on the phone why are they more then doubling the rate and the answer i got from the guy was that they are under pressure to make as much money as they can...
 
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peelaaa

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Re: PTSB tracker

I feel your pain. I'm in the same boat. I really think those introductory offers should be abolished. The seem great but once they finish they really try and screw you. I tried to ask them on the phone why are they more then doubling the rate and the answer i got from the guy was that they are under pressure to make as much money as they can...
I reckon they don't want any new business which is why ALL their offers at moment are anti-competitive.
If I want to move my mortgage it may be impossible due to drop in house value, loan to value ratio etc.
 

bikki

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Re: anyone coming off a PTSB discounted tracker soon. What your new tracker rate?

I have just come off the discounted year with PTSB
I received a letter last week remindng me that my discount period was over soon.

The letter stated my new tracker rate would be 2.25%
TBH i didnt take much notice and left it at that.

Then i came across this thread yesterday! Thanks so much cerbera1 for posting your experience. I went and looked at my loan offer special conditions...and it states that it would revert back to 1.10% after the discount expired. What chancers they are!

So ive contacted my solicitor and broker. Im waiting on a response from the solictor. But the broker told me the special condition is correct and to ring them directly and enquire. So ive just done that. And the girl has taken all the details and will call me back next week once a supervisor has a look. I will let you know the outcome.
 

petrucci

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Re: PTSB tracker

D. The interest rate applicable to this tracker loan may be varied by permanent TSB provided it will not exceed 0.60% over the ECB refinancing rate for the 1st 12 months (the discount period) from the date of loan issue. the ECB rate may be varied from time to time by the ECB. In the event of any variation of the ECB rate during the discount period the interest rate applicable to this loan will not be more than 0.60& over the ECB rate as varied by the ECB. On expiry of the discount period the interest rate applicable to the loan will not be more than 0.80%over the ECB rate.

I am so delighted my solicitor got this sorted for me...
What's your LTV? If you took up a mortgage with PTSB on March 2008, how come you have a rate specified for when the discount period is over? They stopped doing that in December 2007 and replaced it with "the then current rate" !?
 

cerbera1

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Re: PTSB tracker

What's your LTV? If you took up a mortgage with PTSB on March 2008, how come you have a rate specified for when the discount period is over? They stopped doing that in December 2007 and replaced it with "the then current rate" !?
My LTV is c60%, I had approval in principal since June 2007 to buy out shared ownership with Dublin City Council, but as anybody knows that dealing with that shower for anything takes time, a whole lot of time so the mortgage was only drawn down in March 2008. I had a good solicitor and broker who between the 2 of them I was able to keep the specified rate condition.
 

dieter1

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Re: anyone coming off a PTSB discounted tracker soon. What your new tracker rate?

We came off our discounted tracker in january. I rang up PTSB about 4 months earlier, but luckily in our offer letter, it was stated that we were to move to a tracker +0.8%.

The guys in ptsb have no idea of this, check your offer letter to see exactly what will happen.
 
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Arbutus

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Re: anyone coming off a PTSB discounted tracker soon. What your new tracker rate?

I have only just found this thread. and like everyone else I too was shocked to find my tracker rate changed to an astronomical max ECB + 2,25% when I thought I was going to go on to + 0.8%. (whats with the "max" bit? will they reduce it ? why wasn't that max stated at the very beginning? ) I am going to complain to the advertising standards. I took out what I believed was a 0.8% tracker, discounted for one year to 0.6, reverting to 0.8% after the year only to find that this was not the case and they moved me to a 2.25% rate. I didn't look for a 1 year year deal - and they never said it was a 1 year deal - or that trackers had changed. They must have known things were bad or why else change the terms of tracker mortgages without letting people know? I am furiuous to have been so duped by them. Has anyone had any joy in getting them to change the rate? This has to be mal practice on their part and they should be held to account for deceit. Has anyone else complained to any official body?
 

cerbera1

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Re: anyone coming off a PTSB discounted tracker soon. What your new tracker rate?

Just to update on this, I got the options letter asking what option I wished to go on, Tracker ECB +2.25, Standard Variable etc....... Needless to say I wasn't a happy camper so I called PTSB and asked to speak to a manager, so when eventually 1 came on I enquired and he basically read back the script to me, then I read my special conditions back to him, I then got a surprised tone from him and was placed on hold again, he then came back to apologise and said that there was a mix up with my file and that indeed I was to be placed onto ECB +.8% and a letter would be forwarded to me to confirm this, RESULT.......
 

Kine

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Re: anyone coming off a PTSB discounted tracker soon. What your new tracker rate?

Simple: READ your CONTRACT!

If you don't fee confident, get someone who can do it for you....as said above, it can save you THOUSANDS!!!!
 
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Arbutus

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Re: anyone coming off a PTSB discounted tracker soon. What your new tracker rate?

My beef with PTSB is that I was told at the beginning of my negotiations (late 2007) that the the discounted rate would revert to 0.80% and I proceeded on this basis. The first I knew about "special condition" was the day I got the very final letter to sign with the solicitor (who was useless). I then queried this with PTSB as I was concerned that the 0.8% was not in there but the advisor said the rates are competitive and reassured me to go ahead. She did not correct my mis-interpretation of the special condition. She did not say the rate is not guaranteed - and normal trackers have always been that - a rate fixed at a certain % above ECB. So even though I had read the contract, that condition is very ambiguous. Another solicitor has now told me that they have never seen such a contract condition as ambiguous as that.

PTSB obviously had proper discounted tracker rates that reverted back to the undiscounted rate, as some of you here have that clearly in your contracts but they sneakily slipped in this change around the Jan 2008 to make the product in fact a "variable" tracker and I believe they have mis sold this product to many of us who believed we were getting a proper tracker. They obviously knew more about the impending financial meltdown back then in 2007 to trigger this change in their trackers and us poor punters are left now with something we did not look for (not me at least).

I am taking my case to the financial ombusdman as I firmly believe that PTSB have been very underhand with these discounted "trackers". They are not "discounted" at all as they have not reverted back to the original amount (Mis advertising). I would urge you too to complain as the more of us do the more likely we are to get some justice. I will let you know how I get on though I believe in some similar type cases that are settled you have to promise not to speak about it !!!!!
 
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jimbo123

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Re: anyone coming off a PTSB discounted tracker soon. What your new tracker rate?

Sorry to deviate slightly but just finishing a fixed rate of 4.54% with Perm TSB and was expecting to go onto the variable rate of 3.19% which is due to come down another 0.25% but just been informed that they are putting me onto rate of 3.50%. Has anyone else come across this. The letter from when I fixed does not state what will happen at the end of the 3 year fixed but would have expected it to default to the standard variable. Many Thanks for all comments
 

core123

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Re: anyone coming off a PTSB discounted tracker soon. What your new tracker rate?

Looks like you have been put on the variable tracker rate of ECB + 2.25. A pretty hefty tracker compared to other products. Have a reread of your conditions is my best advice..
 

joel

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Hi,
I am also in the same boat, I was on a discounted tracker (ecb+0.85) it expires by April.

Just today I received letter with the new tracker rate of ecb +2.25%.

The conditions on my mortgage states that after expiry of discount , the rate will revert to 'the then current tracker rate'.

I am going to call the bank on Monday.

Regds
Joe
 
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