PTSB ptsb restoring my tracker but at 3.5%!

PTSBCase

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It states my new rate is 3.3%. I had no rate stated on my loan offer. Very disappointing
 

George13

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PTSBCase it looks to me like you are being offered the rate you would have got had you not broken out of the fixed term and you reverted to tracker early in 2010. There was a poster "Corklad" who was given a margin of 3.25% back then and when you add that to current ECB lending rate of .05% you get the 3.3%.
I am not on online banking anymore since I closed my PTSB current account so I phoned them and they said my payment for next month is the same as it has been so either I am not being made an offer or yet another IT glitch has hit and open24 is updated before their own internal systems. I am surprised in the absence of signatures etc that rates would change.
 
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Izzysar24

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I have just checked myself and my rate for July's payment has changed to 3.3%- I was on a rate of 5.4% for the past 3-4 years so I presume it is the difference of this that would be refunded to me.
 

random2011

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I have just checked myself and my rate for July's payment has changed to 3.3%- I was on a rate of 5.4% for the past 3-4 years so I presume it is the difference of this that would be refunded to me.
Back in November 2006 PTSB were offering customers who were exiting from their Fixed Rate term an option of a tracker at 3.25% above the ECB which at the time was 1%. Therefore as ECB is today 0.05 you are getting the 3.25% margin.

But I firmly believe you should be offered a margin closer to between 1 and 1.25% as these were the margins offered to customers back in 2006. But for some reason some customers had a margin specified and others did not. If you had being offered a margin of 3.25% back in 2006 when the ECB rate was also 3.25% you would have being paying 6.5% and no person in their right mind would have chosen a tracker in 2006.

PTSB should not be allowed to do this imo. Trackers are not supposed to change their rate for the full term of a mortgage.
 

PTSBCase

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I feel the amount of compensation given is very important. I also feel anyone provided with a blanket rate of 3.3% like i was given should fight it. Even though ecb 1.1% is not specifically stated on the contract that is what I am entitled to & I intend to get it. According to the figures on the standardisation sheet, the rate I should be given is 1.1%. Ptsb are chancing their arm. Anyone who receives the blanket offer of 3.3% should contact padraic kissane immediately to ask him to take your case. Good luck all.
 

Izzysar24

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Back in November 2006 PTSB were offering customers who were exiting from their Fixed Rate term an option of a tracker at 3.25% above the ECB which at the time was 1%. Therefore as ECB is today 0.05 you are getting the 3.25% margin.

But I firmly believe you should be offered a margin closer to between 1 and 1.25% as these were the margins offered to customers back in 2006. But for some reason some customers had a margin specified and others did not. If you had being offered a margin of 3.25% back in 2006 when the ECB rate was also 3.25% you would have being paying 6.5% and no person in their right mind would have chosen a tracker in 2006.

PTSB should not be allowed to do this imo. Trackers are not supposed to change their rate for the full term of a mortgage.
Im still confused on the rate though as I drew down my mortgage in 08 and broke out of my fixed rate in 09-10. There was no way the tracker rate was 3.25% at that time? It did not specify a margin on my loan approval just the "Then Permanent tsb tracker rate"
 

random2011

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PTSB did not have tracker product in 09-10. The only customers who could avail of a tracker were those that had taken a mortgage prior to PTSB removing them. The rate you should be offered should reflect what the rate was in 2008 when trackers were available when you took out your mortgage and this should not have changed but more than likely will and you will get offered a very high margin and unattractive tracker rate following this investigation. PTSB need to resolve this and put you back on the rate applicable as of 2008. There is nothing in your original contract that says the tracker margin can be increased by the amounts we are starting to hear about (2.3% and 3.3%..up from between 1% and 1.25%) The European standardization sheet which is included in your original documentation also provides you with the figures and will show what the monthly repayments will be following expiration of the fixed rate. You can use these figures to calculate the margin and will see that it works out between 1% and 1.25%. PTSB made a bold effort in an attempt to get people off their cheap trackers by offering free breakage from fixed and a very short term less costly variable rate to those who did not break early and in effect have succeeded but there is still time to get this reversed.
 

random2011

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My mortgage rate went from 4.5% to 3.3% today. Rang PTSB who refused to give any info whatsoever- have to wait for the review to be completed and for written confirmation in the post! What I can't understand is how they can go ahead and change our interest rates and then refuse to explain where the rate came from!!!
So are you one of those who did not have a margin specified in your contract? I still think you should have had much larger reduction than 1.2%

Can we perhaps create some sort of table which shows the difference with the new rates as they come in showing the difference between what the new rate is if a margin is specified versus not specified in the original contract.

Congrats to everyone who has already seen their rates drop.
 

PTSBCase

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I have been given a new rate of 3.30% which is +ECB 3.25%. My margin was not specified on my contract. According to my standardisation sheet I should have been offered +ECB 1.1%. So I'm guessing anyone who gets a new rate of 3.30% is in the same boat as me. I'm delighted for anyone who has had a low tracker re-instated. I am guessing you have a margin stated on your contract. I am awaiting a written response from PTSB and will then proceed accordingly. I am guessing will have to go down the FSO route. I am disappointed with how the Central Bank has allowed this to happen. So much for Enforcement action. They appear have allowed the fraudulent activities of PTSB continue despite this investigation. The Standardistaion sheet clearly states what rate is applied to each year so I don't know how PTSB think they can get away with this one.
 

phil

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PTBSCase what wad you circumstances my was i was on a 1.1% tracker. I fixed for 3 years and broke out early. No rate on contract. I believe I should be on 1.1%. But i have a feeling they will only give 3.25% as not stated. I haven't banking on line rang yesterday but no change at that point.
 

AAM_User

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In my contract there is a table to show how much will be paid each year, its called the illustrative Amortisation Table. On the next page it calls out "Assumptions', One of the assumptions is ' The rate is fixed for 3 years. The above table assumes that on expiry of the fixed rate period,the interest rate applicable to the loan will not be more than 1.1 % over the ECB rate.' Hope this helps
This is what ours says:

Assumptions:The total loan is drawn down on the last day of this month.All repayments are made on the last day of each month.The firsi repayment is made one month after the date of loan drawdown. Any rate / product changes are effective on the first day of the month.

The rate is fixed for 2 year(s). The above table assumes that the loan will roll over into the Tracker Mortgage Rate . . appropriate to the balince oirtstanding on the loan at the end of this period and as may be varied from time to time in ' accordance with variations in the ECB rate.

This table illustrates the amortisation of the loan assuming the loan runs full term and interest rates that cunently prevail are available for the term of the loan.

The Gross Repayment shown above may be reduced by Tax Relief at Source (TRS) - depending on your entitlement.
 

phil

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In my contract there is a table to show how much will be paid each year, its called the illustrative Amortisation Table. On the next page it calls out "Assumptions', One of the assumptions is ' The rate is fixed for 3 years. The above table assumes that on expiry of the fixed rate period,the interest rate applicable to the loan will not be more than 1.1 % over the ECB rate.' Hope this helps
Hi Ainefitz.
My assumptions doesnt state rate. Is there a way i can calculate it from the illustration table.
 

PTSBCase

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PTBSCase what wad you circumstances my was i was on a 1.1% tracker. I fixed for 3 years and broke out early. No rate on contract. I believe I should be on 1.1%. But i have a feeling they will only give 3.25% as not stated. I haven't banking on line rang yesterday but no change at that point.
Mine is similar to you Phil
 

Brendan Burgess

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Would any of you guys who have been affected be prepared to speak to a journalist? email me at brendan at this site if you would.

Brendan
 

phil

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Hi all
I wish to update you on matters, I spoke with PTSB yesterday and was assured that the info in the Sunday Indo did not come from PTSB. In regard to the telephone number for people wishing to contact this was also 'an error' as the investigation is currently ongoing and information cannot be given to parties until the investigation is complete which it currently is not. I was very irate with PTSB yesterday as there is conflicting stories coming out but the Head of the investigation within PTSB assured me that the matter is still under investigation and until complete, correct information cannot be given, which I understood and accept. He has agreed to meet with me when the investigation is complete which is expected in the next couple of weeks. I know this will frustrate many but it is the process and is correct in terms of investigations with the Central Bank. As soon as there is an update I will let all know. Be assured that all matters tat needed to be looked at will have been looked at but like all I have to wait until the letters are finalised and posted to see how it is proposed to resolve the issues. Only then will we as a collective be in the correct informed position to see the merits of the investigation. Until then we must leave it in the Hands of the Central Bank but remain certain that if matters are not properly addressed in the 'outcome letters' I will be addressing this in my meetings with PTSB. I know the frustration this update will bring and to me too but this is the correct position as it stands at present. I also believe that the people who phoned yesterday were likely given the correct information in regard to their accounts as I would assume that this is the foundations of the processes that will be put in place for dealing with matters when the investigation is completed but someone jumped the gun so to speak and this was not really acceptable given the matters at hand and how long it has been ongoing, which I expressed to PTSB in my phone call.
Hope this clarifies matters Padraic

Hi Padraic

It seems if not stated on contract they are putting us on higher tracker rate. Can you tell from illustrative sheet what rate you should be on? It doesn't state rate in Assumptions.
 

George13

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Hi Padraic

It seems if not stated on contract they are putting us on higher tracker rate. Can you tell from illustrative sheet what rate you should be on? It doesn't state rate in Assumptions.
I am the same. New rate 3.4% with no rate originially mentioned on loan documentation but standardisation sheet works out at 1.1%
 

PTSBCase

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Hi all, I have contacted Padraic Kissane already re. this offer of 3.3%. I suggest you all do the same as we may need to group together to ensure we get the appropriate resolution. I think we know by now the bank or the Central bank aren't on our side.
 

PTSBCase

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Anyone currently on a fixed rate receive a rate reduction?
Hi Fuzzy. I don't think you being on a fixed rate should impact the outcome. It appears that whatever rate (or not) is on your original contract before you lost the tracker should determine your outcome.
 
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