PTSB Query Switching Mortgages

R

RANDAL

Registered User
Messages
18
Hi Everybody,

Our 3 year fixed rate is up later this month and we received our offer letter today with there current rate options (Very Poor!). We had been thinking about switching banks leading up to this but it now appears its not as straight forward as what we thought.

Our query is We still owe 280k but the value is roughly 250k in other words Negative equity does this mean we are ineligible to switch banks any replies would be appreciated.
 
variable interest rates are at there lowest now.. a variable rate now should be much lower than a fixed rate you agreed 3 years back? I switched mortgage a number of years back.. you will need a solicitor for same... at time solicitor completed the relevant docs (transfer of deeds etc..) for approx 300 euro... Not sure though if any bank will take on negative equity though so best go back to current bank and challenge the interest rate
 
You wont get a switch if the home is worth less than the loan but have you read this thread about PTSB and coming out of fixed rate ? Look up your mortgage offer and terms and conditions and you may get a nice surprise like some.
 
Hi Randal
Unfortunately no lender will be willing to take on a case in negative equity. PTSBs variable rate for existing business is 3.15% according to my records, is this what you were offered?
 
I'm being offered Tracker at 3.25 and LTV at 3.20 (fixed at present not even worth considering!). My paper work simply states that when my 3 years fixed was up i have option of switching to Variable but unfortunately No rates are mentioned. Anybody off hand say when PTSB made huge jump to 2.25 + ecb and why (other than In these recessionary times...:mad:).
 
In the same situation myself, they basically made the the move to price the likes of ourselves out of the tracker product.......loyallty seems to count for nothing with them
 
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