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

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core123

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Did you get any joy from PTSB? It's a huge increase and in my eyes unfair. I think those introductory offers should not be allowed to be honest.
 

joel

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60
Hi Core123,
I took the mortgage thr. broker so I contacted my broker, initially he also thought that ecb + 2.25 was wrong but when he looked at my mortage contract its written in one of the special condition that 'after discounted rate period of 1 year, the rate will be 'the then current tracker rate'.. ". So legally I do not have much option.

I can move to some other bank for a better variable rate but that also not
going to be tracker (trackers don't exist anymore, right?).

Regds
Joel
 

core123

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I'm in the same boat. But as in negative equity there is no way of moving to another bank. I really should have set in stone the rate I'd come to but all I got at the time was that it would be a competitive rate. Hindsight is a wonderful thing. A valuable lesson learned.
 

pcocp

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But as in negative equity there is no way of moving to another bank.
It can be done, I just came out of a two year fixed with PTSB, got offer of tracker +2.25%, and other options which were crazy, got approval for mortgage with another bank, asked PTSB to match the other, much better offer, they refused so I said goodbye! Got legal fees paid too..happy days! Will be €300 per month better off. As for negative equity, which I am in, my ability to pay seemed to outweigh this.... negotiation when talking to the other bank is critical. It worked for me.
 

paddy75

Registered User
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I am on the same boat. I met solicitor and talk to broker, no joy. I took a mortgage of 300k , moved from BOS to PTSB last in April, now one year is up and got letter few weeks ago that i have to pay 3.75 percent interest(2.25 plus ECB). This is ridiculous that they are charging a 2.25 and it is not fair when compared to AIB and BOI as the interest rate is quite less.Broker told it will be 1.1 plus ECB after a year, but it is up by 2.25. I am really worried as the monthly payment gone up 350 euro a month. Is there anyway that we can fight with them or negotiate with them. please share your experience on this and post it , it will give an idea for who those has been struck with PTSB tracker. I have a negative equity on the property, so i have no choice.
 
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Arbutus

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Hi,
my last post was removed so I am probably being too vocal in my complaints againt PTSB and in my advice to others to complain to the financial ombudsman. Each case to the ombudsman is dealt with based on its merits. my case may be different to others.
I do believe we do not complain enough in Ireland about shoddy products and unprofessional service which is why we end up getting ripped off by some companies who give very poor service or poor value for money.
Arbutus
 
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peelaaa

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It can be done, I just came out of a two year fixed with PTSB, got offer of tracker +2.25%, and other options which were crazy, got approval for mortgage with another bank, asked PTSB to match the other, much better offer, they refused so I said goodbye! Got legal fees paid too..happy days! Will be €300 per month better off. As for negative equity, which I am in, my ability to pay seemed to outweigh this.... negotiation when talking to the other bank is critical. It worked for me.
Hi, can you explain how you negotiated the deal, as I recently tried to swap to another bank but was told the house wasn't worth what was required for the mortgage, so I am now in negative equity.
How did the bank lend you the money if they knew you were in negative equity?
 

Thrifty1

Frequent Poster
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Im in the same position, 2 year discounted tracker of .99% + ECB expiring this month. I contacted PTSB at the beginning of the year to enquire what rate it would revert to and they declined to specify.
I got a letter offering 2.25% above ECB. My contract states it would revert to the rate at the day.
We are in negative equity and my DH has another property on the market 3 years so id say no chance in hell any other bank would offer us a mortgage now.
Im sick the rate has over doubled the first chance i get ill be moving.
 
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ncit9933

Guest
I spoke to local bank, pure waste of time.
She said there was nothing she could do, loyalty doesn't come into it!
It's coming from the top

Told her my loyalty would probably be going to a 5yr fixed rate of 3.1% with either BOI or AIB after having 2 mortgages with them over the last 7 years!
 
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