Brendan Burgess
Founder
- Messages
- 52,264
[broken link removed]
Mr Masding said that PTSB is impacted by the high level of mortgage defaults in Ireland.
"It is an unfortunate fact that people who do pay their mortgage do have to pay a bit extra to make up for the historically high number of people who can't or won't," he said.
[broken link removed]
Mr Masding said that PTSB is impacted by the high level of mortgage defaults in Ireland.
"It is an unfortunate fact that people who do pay their mortgage do have to pay a bit extra to make up for the historically high number of people who can't or won't," he said.
Sarenco,
Ptsb like other lenders sold Standard Variable Rate Mortgages on the clear understanding that SVR rates would follow Market rates.
Now because of their poor business model, they find themselves (ie us) in a position where they are scrambling to recoup money.
Sarenco,
Ptsb like other lenders sold Standard Variable Rate Mortgages on the clear understanding that SVR rates would follow Market rates.
Now because of their poor business model, they find themselves (ie us) in a position where they are scrambling to recoup money.
Unresolved Mortgages of course hit them hard , but it is patently unfair to break a known contract with current SVR mortgage holders.
Does this mean that any organisation can willy-nilly change an implied contract? or do we have always to rely on the actual signed contract.
I have not seen current SVR Mortgage Contracts but I would be very surprised if they include (will follow market rates) rather than (may follow market rates)
It was always clearly understood that SVRs would follow market rates. It was not even an issue that they wouldn,t.
So if PTSB and the rest are now relying on the (signed) contract then in laymans terms they are stealing!
Looks like there is going to be a serious confrontation
I will refuse Noonan's calls for cheaper mortgages - PTSB boss
Asked directly whether he would refuse a request from Finance Minister Michael Noonan, the bank chief executive replied; "Yes; but not bluntly." He added that he'd tell Mr Noonan that he'd "prefer if you didn't ask me questions about the running of my organisation."
He also told TDs and senators that new customers may get cheaper mortgages than existing customers because the markets regard the new borrowers as a lower risk. Questioned about whether Permanent TSB could lose good customers who pay their mortgages to a cheaper competitor, Mr Masding said "we are spending a lot of time reflecting on this issue" and said the bank was "developing a strategy".
Sarenco.
I agree {life isn,t fair} . If it was we wouldn,t need this conversation!
However , please find me even ONE Bank Official who sold or believed SVR Mortgages did NOT follow Market Rates and I will concede the signed Contract bit.
Why not ask the Banker in your neighbourhood ,would they stand up in court and under oath deny that they understood SVR,s were to follow Market Rates?
Why not ask your neighbour Mr Banker to give an affidavit to the effect that he/she sold SVRS on the clear verbal contractural understanding that SVR follow market rates.
Anything less than this , would your neighbour the Banker not be a thief?
I find it strange that if a young thug steals a handbag we jump up and down , yet we don,t put pressure on our neighbours on an ongoing travesty to act honourably.
ps. I do not have a mortgage.
Sarenco.
I agree {life isn,t fair} . If it was we wouldn,t need this conversation!
However , please find me even ONE Bank Official who sold or believed SVR Mortgages did NOT follow Market Rates and I will concede the signed Contract bit.
Why not ask the Banker in your neighbourhood ,would they stand up in court and under oath deny that they understood SVR,s were to follow Market Rates?
Why not ask your neighbour Mr Banker to give an affidavit to the effect that he/she sold SVRS on the clear verbal contractural understanding that SVR follow market rates.
Anything less than this , would your neighbour the Banker not be a thief?
I find it strange that if a young thug steals a handbag we jump up and down , yet we don,t put pressure on our neighbours on an ongoing travesty to act honourably.
ps. I do not have a mortgage.
................And while Sarenco is looking for that, can you find me ONE Bank Official who believed the following clause was valid and enforecable
"WARNING:YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT."
Furthermore, can you please define "Market Rates"
................
Well {home being at risk} doesn,t seem to mean a lot since there are very very few Repossessions.
Defining Market Rates is an unfair proposition.
In laymans terms (if it walks like a duck, quacks like a duck, looks like a duck) it is a duck.
I do not have to do a DNA test to prove it is a duck.
I think everyone lenders/borrowers clearly understand that rates move in line with general rates ie Market.
If it means that every type of agreement is solely on written contract business/commerce would die.
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