PTSB Mortgage Rate Switch

H

HC2015

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I'm very late to the party on this.

Received a letter from PTSB around August 2015 with a voucher for a valuation, and information on a rate reduction depending on LTV.

At the time, I didn't arrange the appointment and promptly forgot about it.

Now, I've found the documentation so am going to ring an auctioneer from PTSB's approved list tomorrow. There's no expiry on the voucher or the accompanying information.

We're currently on a 4.5% variable rate mortgage. I estimate that a valuation should put LVT somewhere in the 86-89% bracket so should bring rate down to 4.2%.

Currently in the CAP process with P. Kissane.

Just wondering if anyone did get a rate switch valuation and was it a) fair and b) worth your while?

I've seen nothing online to suggest that PTSB are no longer facilitating this so I'll ring the auctioneer on the assumption that it's still on offer.
 
It is still on offer.

You have nothing to lose by going for it.

The small issue would be if you were just about to move into a lower LTV bracket, then it might be worth waiting until you were in that lower bracket. You can avail of this offer only once. In other words, you can't move from an 80% to 89% bracket, if you pay a lump of money off your mortgage to bring it down to 70% to 80% bracket which would bring the rate down to 4%.

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But if you get down to <80%, you should be looking at switching from ptsb to another lender.

Brendan
 
Yes I underwent the process and sitting at 3.7% as opposed to 4.5%. Get a decent valuation to allow you sit in best bracket for a reduction. Between 70 and 80% is what you should aim for.
 
Thanks both.

Have a valuation booked for later this week. Have the ability to put a lump sum against mortgage that may bring me down to the <80% bracket so plan to get valuation, make lump sum payment, submit valuation.
 
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Just a brief update on this. Valuation was good so I'm going to put a lump sum against the balance to give an LTV of 76% to bring rate to 4% but will be overpaying by c. €200/month.

I'm still in the process of trying to get my tracker mortgage back (currently with P. Kissane) so hoping that is successful. If not, >76% LTV should probably help when switching to another lender, and would then potentially look to renegotiate a shorter term.

Thanks for the help and advice.
 
If you have a realistic prospect of getting your tracker back at a rate of <1%, you probably should not be overpaying your mortgage.

Brendan
 
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