Key Post PTSB - on expiry of fixed rate, tracker rate not specified

Discussion in 'Tracker Redress' started by Brendan Burgess, 19 Sep 2012.

  1. Brendan Burgess

    Brendan Burgess Founder

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    Last edited: 12 Feb 2015
    Some PTSB fixed rate contracts, specified that on expiry of their fixed rate, they would be put on the "tracker rate then prevailing".

    Other contracts specified an actual rate e.g. "on expiry of the fixed term you will be offered a tracker rate of ECB + 1%"

    I would like to compile a list of rates which people whose rates were not specified in advance, were put on. So if anyone else has been put on a tracker rate please post the details here

    Date of expiry of fixed rate
    tracker rate offered
    Home loan or investment property
    Original loan to value

    Has anyone challenged the rate with the Ombudsman?
    Date Margin over ECBSource
    November 2008+ 1.68%Steiner
    Feb - May 2009+ 2.25%Core 123
    August 2009+ 1.1%Ombudsman report
    Sept 2009+ 2.25%Keizer Soze
    October 2009+ 3.5%Bluebells
    Nov 2009+3%fedup
    May 2010+3.25%Cork Lad
    October 2010 +3.35%robe; buy to let; with Ombudsman
     
    Last edited: 12 Feb 2015
  2. STEINER

    STEINER Frequent Poster

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    On the original documentation from PTSB there isn't any mention of a tracker rate when the 2 year fixed period ends. It just mentions maybe another fixed rate or prevailing SVR.

    Just before the fixed rate period expired, PTSB sent us notification of same and a list of choices, fixed rate, SVR or tracker. The default one was tracker if we didn't specify, needless to say I posted our tracker choice to them. I only knew what rate it actually was when PTSB confirmed in writing.
     
  3. robe

    robe Frequent Poster

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    Last edited by a moderator: 21 Aug 2015
    3.35% above, came off fixed rate oct 2010 on my buy to let, and yes it is currently with the ombudsman.

    Update from Brendan Burgess - Robe subsequently informed my by PM that the Ombudsman rejected his complaint
     
    Last edited by a moderator: 21 Aug 2015
  4. Brendan Burgess

    Brendan Burgess Founder

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    I got an email from a PTSB customer Feb 2012

     
  5. Fedupwtbs

    Fedupwtbs Frequent Poster

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    November 2009 recieved letter from PTSB offering ECB + 3, 3.79 SVR and other very high fixed rates.

    Took mortgage out in November 2006 initially on a 3 year fixed rate.

    In November 2009 the SVR was cheaper than the tracker and therefore we went with SVR. Within a short time the SVR increased from 3.79 to 6.1

    Are banks obliged to advise on the implications of making such decisions I.e, turning down a tracker in your options letter.

    I know Brendan has commented on my situation in past so apologies for bringing it back up so to stick with the thread purpose our offer in November 2009 was ECB + 3
     
  6. Shaggydog

    Shaggydog Registered User

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    Ptsb tracker after fixed

    I took a 5yr fixed which I drew down in October 2006 @ 4.99%
    In Aug 2011 PTSB offered me Tracker @ ECB + 3.25% and the rest of the usual rip offer rates they had.

    Having worked for them once, I was suspect so I checked everything. There is no mention of a tracker rate once the 5yr fixed was up. It says nothing about a prevailing tracker rate. It says

    "if a tracker rate is chosen the mortgage will become a tracker mortgage loan and the rate applicable will be the rate appropriate to the balance outstanding on the loan at the time of expiry of the fixed rate period and may be vaired in accordance with variation to the ECB rate. THE PAYMENT RATE ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME(applies if a SVR or Tracker Rate is chosen.)

    I was told by the bank person who I arranged the mortgate with that the marginal rate on a mortgage could never chance over the term of a mortgage and using the table of rates that they supplied to me that my Marginal rate should now be 1.25% .
     
  7. Fedupwtbs

    Fedupwtbs Frequent Poster

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    Hi shaggy dog

    What happened in the end. Did you pursue the lower tracker.
     
  8. kaza

    kaza Frequent Poster

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    Hi All,

    Did anyone have any luck with PTSB with negotiating the tracker rate offered?
     
  9. corklad

    corklad Frequent Poster

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    Has anyone challenged the rate with the Ombudsman?
    Date Margin over ECB Source
    November 2008 + 1.68% Steiner
    Feb - May 2009 + 2.25% Core 123
    August 2009 + 1.1% Ombudsman report
    Nov 2009 +3% fedup
    May 2010 +3.25% Cork Lad
    October 2010 +3.35% robe; buy to let; with Ombudsman

    Guys, do you think it's worth the hassle to go the Ombudsman with my one above?
     
  10. Brendan Burgess

    Brendan Burgess Founder

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    Hi corklad

    On what grounds?

    http://www.askaboutmoney.com/threads/history-of-ptsb-variable-rate.163941/

    At the time, the Standard Variable rate was 4.15%, while the ECB rate was 1%.

    So had they been offering trackers to new customers, they presumably would have been charging at least ECB + 3.15%.

    Today you are paying 3.3%, whereas people on SVRs are paying 4.5%.

    I will send a message to robe to see how he got on.

    Brendan
     
  11. corklad

    corklad Frequent Poster

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    Agreed. That's why I haven't pursued it. I never felt I had grounds. As I said in a post at the time, expectations and assumptions don't account for much in a legal argument
     
  12. ella

    ella Registered User

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    22
    Last edited: 10 Feb 2015
    Hi all if i get my tracker back i know ptsb will want 3.25% plus ECB this is so high LTV is 58/42 . I hope central bank looks into the way this Bank is ripping off its customers. Ombudsman needs to look at same.
     
    Last edited: 10 Feb 2015
  13. GiganticLamb

    GiganticLamb Frequent Poster

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    Hey,

    I've contacted PTSB and asked them what rate I would have been offered on expiry of my 3 year fixed rate in November 2010 and got a letter today telling me as follows:

    Tracker rate LTV >80% 4.25%

    2 year business fixed rate 5.25%
    5 year business fixed rate 5.75%
    7 year business fixed rate 6.10%
    10 year business fixed rate 6.10%

    Ive contacted PTSB and the tracker rate that I should have been offered is 3.25 + ECB (1%)
     
  14. PTSBCase

    PTSBCase Frequent Poster

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    Last edited: 4 Mar 2015
    I'm hoping that when my tracker is reinstated that the tracker will be that was offered when I broke out of my fixed rate in jan. 2009. And not when my fixed term was due to end in jan. 2010. When I look at my mortgage loan offer, it states the only penalty for breaking my fixed term early is a fee. There is no mention that I will loose my tracker so if ptsb try that one I will fight it. I didn't get charged a fee as it was jan. 2009 and they said there was no breakage fee. That's the banks problem that they allowed me break free of charge. Any thoughts anyone please?
     
    Last edited: 4 Mar 2015
  15. ella

    ella Registered User

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    ptsbcase I think you are right bank should offer tracker rate for the month we broke out of fixed rate.
     
    PTSBCase likes this.
  16. ella

    ella Registered User

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    Hi PTSBcase changed my mind about getting the tracker back dated to Jan/Feb 09. We lost the right to the tracker rate as we broke our fixed rate.
    A condition of obtaining the tracker rate was that the fixed rate must be maintained until the 2 year fixed rate expiry
    If PTSB restore our trackers it will be like we never broke our fixed rate so it will be like we never sent letters to them. This is fact as it happened to my some one i know
     
  17. GiganticLamb

    GiganticLamb Frequent Poster

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    I've just had a read of my contract and it tells me that there is a lock in period of 3 years on my loan,this can be broken at any stage for a fee ,which I payed.


    2015-03-05 13.31.30.jpg
     
  18. S2K

    S2K Registered User

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    I brought a case against PTSB back in 2013/2014 on this topic. On drawdown of my loan I fixed for 2 years with the condition that on expiry of the term I would be offered the then PTSB tracker rate. The margin on expiry they offered was 3.25%. Long story short, the FSO found against me and in favour of PTSB. I will reach out to Pat Kissane later and offer him details of my experience.
     
  19. George13

    George13 Registered User

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    The only way hopefully which we can differentiate from S2Ks story is that as a matter of fact we did break out when we did - not when we should have so we should have the rate applicable at the date we broke out. S2Ks fixed term ran its natural course, ours didn't.
     
  20. PTSBCase

    PTSBCase Frequent Poster

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    The FSO also found against people in the past who have now got their tracker back. So just because S2K had a poor outcome doesn't mean that it has to be the same for everyone. I believe the bank are offering anyone who didn't have a rate specified in the current investigation the high tracker rate because if they didn't many more people like S2K will be eligible for a lower rate too (which is only fair). It shouldn't matter when we broke out of our fixed rate, we should be getting the rate stated in our contracts as per the standardisation sheet. So it looks like there are a lot of people indirectly impacted with this investigation like S2K. All we can do now at this stage is group together to ensure we get the rates as per contracts.
     
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