Key Post PTSB cutting some rates by 0.71%

Brendan Burgess

Founder
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Thursday, 08 December 2011 permanent tsb has confirmed that it will pass on the interest rate cut of 0.25% announced today by the ECB to all mortgage customers including those on Standard Variable Rates and Tracker Rates and including both home owners and investors in residential properties.
In addition the bank has confirmed that it will reduce the rates applying to a number of variable rate mortgages held by both residential and investor customers by as much as 71 basis points. This includes the impact of today’s ECB reduction of 0.25%.

The standard rate now applying to variable rate mortgages for customers living in the home in question is 5.19%.
 
I don't know whether to be happy or annoyed at this. It makes them look like the good citizen again passing on these rate decreases - but the fact still remains they are still way above their competitors' variable interest rates!

I wonder who will actually get the 0.71%? I am also wondering if this is only because of mounting pressure to reduce - the reduction goes no where near enough for me though.
 
The standard rate now applying to variable rate mortgages for customers living in the home in question is 5.19%.
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So it was 6.15%
November reduction -0.25% to 5.9
December reduction -0.71= 5.19%

At least they are confirming that they were charging 6.15%

Brendan
 
They've acknowledged the existence of the 6.15% finally? Great.

So let me get this right.
6.15 - 0.25 (Nov. ECB cut) = 5.9%
5.9 - 0.71 (0.25 ECB cut announced today + 0.46 PTSB have decided to give us because their rates are extortionate I presume) = 5.19% LTV Variable rate

Well PTSB, this is a start in the right direction but is by no means briging your rate in line with the other state-owned institutions and is not good enough by any stretch of the imagination!
 
is this statment online somewhere? be great if its true. i too am one of the 'unclean' ,. wonder does this mean they will re-assess their fixed rates again?
 
Hi sman

It's true ok. I got it from their PR company and it's quoted in the Irish Times and RTE. No mention of fixed rates.
 
How about those who do get the rate( full .71%) passed on to them,lets us know ..
It will be interesting to see how selective they are../what criteria they apply..
 
Hi folks,

I was on the 6.15 rate, I called PTSB just there. From next month my rate will be 5.19.

ps Thanks very much Brendan for all your work on highlighting this issue! It's very much appreciated.
 
Just as an aside, PTSB seems to be a hot topic today on AAM, And I wonder if it would be any use if everyone went on Twitter and try to get it to "Trend",this in effect highlights an issue..
 
Just off the phone with PTSB. Took a while to check but my new rate from 29 Dec 11 will be 5.19%. Good start but not good enough.
 
Did PTSB pass on the November interest rate drop

Hi I did not see any difference in mortgage payments did not see any drop did anyone else see this.
 
Your totally correct the Central Bank needs to step in and set an upper limit of say a max of 3% over the ECB rate
 
Bill Struth said:
Hi folks,

I was on the 6.15 rate, I called PTSB just there. From next month my rate will be 5.19.

ps Thanks very much Brendan for all your work on highlighting this issue! It's very much appreciated.
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Are you on a LTV? If so this is good news for us, but I can hardly thank them after what they have done to people trapped in a LTV mortgage, they have cost me thousands of euro.

There needs to be further intervention from the government, they are the owners of PTSB, how can Michael Noonan say that the governement cannot intervene when the state owns the bank? I am very surprised that this has happened to be honest, for some people it is too late, perhaps the government is in fact influencing things afterall? The PTSB of old would NEVER have done this!
 
Have any of you guys on PTSB SVR mortgages tried to switch to AIB,BOI or EBS? or wont they accept you because of negative equity or the like?
 
I've a "HOME LOAN - Variable Rate (LTV)". Living in the property so hopefully this 0.71% reduction gets passed on to me. Most recent rate was 6.05% which should be dropping to 5.8% this month although i have received no confirmation from the bank yet.
 
@ seantheman - Yes, we've tried and been flat out refused because of our negative equity situation. Switching is not possible when your LTV ratio is not in the correct proportion (i.e. you are in negative equity). We are effectively prisoners of PTSB and they can charge us what they like it seems.
 
PTSB have advised me that my commercial variable rate mortgage is not eligible for this .71% rate reduction. After the two ECB rate reductions my variable rate is a whopping 6.34%.

Is there anybody else in the same boat?
 
John1 said:
PTSB have advised me that my commercial variable rate mortgage is not eligible for this .71% rate reduction. After the two ECB rate reductions my variable rate is a whopping 6.34%.

Is there anybody else in the same boat?
Click to expand...

But yet they state in the press that they will pass it onto investors!!! Good publicity for them but in real life how many investors will actually see this reduction I wonder. They are playing a very good media game at the moment - we need to push this & highlight to the public what the truth really is!
 
Just spoke to PermanentTSB. My mortgage payment goes out on the 1st of each month, which means:

I don't see the November cut until the 1st of January
I won't see the December cut until the 1st of Feb

Pretty sure any raises were enacted straight away! I certainly didn't get 2 months to prepare myself!

I asked about the .46 cut and they told me it was media speculation and there has been no official confirmation, press release about this.
 
I just rang PTSB and was told by the operator he does not know where I heard there would be up to .71% reduction! He said variable rates will only be going down by .25% bases on yesterdays reduction and no more. He was clearly amused I thought it would be .71% and said a number of times he did not know where I heard that from!

But some of you have being told your rates will go down haven't yous? So looks like my new rate will be 5.65%??
 
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