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.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.
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"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.
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%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!!!
This is what ours says: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.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
Mine is similar to you PhilPTBSCase 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.
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
I am the same. New rate 3.4% with no rate originially mentioned on loan documentation but standardisation sheet works out at 1.1%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.