PTSB ptsb restoring my tracker but at 3.5%!

fuzzy10

Frequent Poster
Messages
149
I had no rate specified so I'm presuming I should receive a similar rate. I'm interested to know if people on fixed rates had their mortgage adjusted.
it's unforgivable that PTSB are rectifying mortgage acc without consulting their customers.
 

George13

Registered User
Messages
21
it was easy Phil because it is an interest only mortgage so A/I just got the annual figure on the amortisation sheet and divided it by the capital (which obviously would never change) and that was the interest rate to be applied (assuming the ECB rate never changed)but to get B/your margin above the ECB rate e.g. 1.1 you have to look up what the ECB rate was when you got your mortgage and deduct that figure from the answer you got at A above. _
 

AAM_User

Frequent Poster
Messages
114
We had no rate specified (see above post) & they put us on a rate of 2.3%. I've no idea where it came from & would love for it to go lower if possible, but am thankful that it's not 3.35 like some others. Kind of afraid to contact them in case they made a mistake in my favour.
 

eray00

Registered User
Messages
4
We had no rate specified (see above post) & they put us on a rate of 2.3%. I've no idea where it came from & would love for it to go lower if possible, but am thankful that it's not 3.35 like some others. Kind of afraid to contact them in case they made a mistake in my favour.
That's great AAM_User might be some hope for us ecb+3.25% people.

Any others without rate stated got a lower percentage loading than 3.25%?.
 

random2011

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169
That's great AAM_User might be some hope for us ecb+3.25% people.

Any others without rate stated got a lower percentage loading than 3.25%?.
I would guess it is dependent on when you would have exited the fixed rate. I was 3.25% when I exited and others before me were offered between 2 and 3% because they exited months before me. Same for those who exited after me; they were offered between 3.5% and 4%.

So it is dependent on when you exited. Therefore you need to fight to get the rate you are entitled to when you drew down the mortgage as per your contract.
 

eray00

Registered User
Messages
4
I would guess it is dependent on when you would have exited the fixed rate. I was 3.25% when I exited and others before me were offered between 2 and 3% because they exited months before me. Same for those who exited after me; they were offered between 3.5% and 4%.

So it is dependent on when you exited. Therefore you need to fight to get the rate you are entitled to when you drew down the mortgage as per your contract.
Hi random2011
I actually fought the bank in 2012 and had my tracker reinstated. I exited the fixed rate Feb 09. How they "fixed" the issue was recalculated the mortgage had I remained in the fixed rate for the 2yr period and on expiry which would have been May 10 moved me to ecb+3.25%. My refund was less than €500 & I never received any compensation. I queried at the time where they got the rate from and they more or less very aggressively told me take it or leave it.
I am now challenging the rate, and would be very interested to know if when recalculating people's mortgages are they doing it with the same method applied to mine or from the point they excited the fixed rate.
My European standardisation sheet shows my rate should be ecb+1.25% so I have a fight on my hands.
 

random2011

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Messages
169
Hi random2011
I actually fought the bank in 2012 and had my tracker reinstated. I exited the fixed rate Feb 09. How they "fixed" the issue was recalculated the mortgage had I remained in the fixed rate for the 2yr period and on expiry which would have been May 10 moved me to ecb+3.25%. My refund was less than €500 & I never received any compensation. I queried at the time where they got the rate from and they more or less very aggressively told me take it or leave it.
I am now challenging the rate, and would be very interested to know if when recalculating people's mortgages are they doing it with the same method applied to mine or from the point they excited the fixed rate.
My European standardisation sheet shows my rate should be ecb+1.25% so I have a fight on my hands.
Why did you have to fight it in 2012. Did you not get offered a tracker in your options letter in 09 when you finished the fixed period.

When you says tracker was re-instead in 2012 - does that mean between 09/10 and 2012 you were on variable and they let you go back to tracker at a margin of 3.25% above ECB. If so this is very interesting.
 

random2011

Frequent Poster
Messages
169
Hi random2011
I actually fought the bank in 2012 and had my tracker reinstated. I exited the fixed rate Feb 09. How they "fixed" the issue was recalculated the mortgage had I remained in the fixed rate for the 2yr period and on expiry which would have been May 10 moved me to ecb+3.25%. My refund was less than €500 & I never received any compensation. I queried at the time where they got the rate from and they more or less very aggressively told me take it or leave it.
I am now challenging the rate, and would be very interested to know if when recalculating people's mortgages are they doing it with the same method applied to mine or from the point they excited the fixed rate.
My European standardisation sheet shows my rate should be ecb+1.25% so I have a fight on my hands.
Also the method they applie is dependant on what is in your contract. If a rate is specified they take that rate. If not then they picked 3.25% out of thin air. The European Standard sheet will show all contrcats that had margins close to 1% and 1.25% as you mention.
 

PTSBCase

Frequent Poster
Messages
81
We had no rate specified (see above post) & they put us on a rate of 2.3%. I've no idea where it came from & would love for it to go lower if possible, but am thankful that it's not 3.35 like some others. Kind of afraid to contact them in case they made a mistake in my favour.
That's great you have got a lower rate. It looks like ECB +2.25%. As your rate wasn't specified on your contract I am guessing your fixed rate had you not broken early was due to expire early/mid 2009? This is the tracker rate that PTSB were using at the time. If you look at your standardisation table you may well be entitled to a lower rate which I am guessing would be in the region of approx. 1%. I would get this looked at professionally before you accept what PTSB are offering. All the best.

All - Anyone who doesn't have a rate specified on your contract and you have received an offer I would urge you to ensure this is the rate you are entitled too.
 

eray00

Registered User
Messages
4
I broke out of the fixed period in Feb '09 (it should of ran from 08/10) onto the variable rate like many others. I never received any options from permanent TSB. I wrote to the bank in 2012 outlining afew concerns and that I was never made aware by breaking the fixed period the affect it would have on the remainder of the mortgage .ie losing the tracker. They agreed to reinstate the tracker because they said the letter instructing them to break the fixed term was only signed by me & not my husband. I don't know if this is correct I never seen a copy. The rate they told me that was available at what would of been the end of the fixed period may/June '10 was ecb+3.25%. I obviously jumped at the chance of getting a tracker back, just wish I had taken the time to get advice then. I started following the posts on here then regarding the investigation & realised so many others are also affected and my resolution wasn't sufficient. I am now speaking to Padraic Kissane and hoping to challenge the rate etc. But to clarify how they recalculated mine was first make it look like I had never broken the fixed term so applied 4.89% for those two years, then for 10-12 applied ecb + 3.25% and allowed a return for the difference which was less than €500 refund with no compensation. It will only be when the letters are issued we will know if they plan to also work refunds out the same way this time or from when people broke the fixed period.
 

Clint Westwood

Registered User
Messages
9
PTSB CASE, I am in the same situation as you, I had no rate specified on my letter of loan offer, and I have just checked on line and ptsb have reduced my interest rate to 3.30% down from 4.5%. Not at all happy it's just over €100 per month less on my repayments.i broke out early 2009.
 

phil

Frequent Poster
Messages
53
Clint Westwood. Contact Padraic Kissane and we will all fight this together. I was talking to him today and he said there was at least 500 of us in the same position.
 

ella

Registered User
Messages
22
Hi all my rate also changed on my open 24 to 3.30% . Working with Padraic Kissane now PTSB will not get away with this Central Bank wake up
 

phil

Frequent Poster
Messages
53
So heading in to another week of waiting for letters. Will this be the week we receive them? Looking forward to receiving them but i also know i will probably be disappointed with the content due to not having a rate specified in contract. Years of fighting behind us and probably many more years ahead of us, fighting for what is rightfully due to us.
 

AAM_User

Frequent Poster
Messages
114
That's great you have got a lower rate. It looks like ECB +2.25%. As your rate wasn't specified on your contract I am guessing your fixed rate had you not broken early was due to expire early/mid 2009? This is the tracker rate that PTSB were using at the time. If you look at your standardisation table you may well be entitled to a lower rate which I am guessing would be in the region of approx. 1%. I would get this looked at professionally before you accept what PTSB are offering. All the best.

All - Anyone who doesn't have a rate specified on your contract and you have received an offer I would urge you to ensure this is the rate you are entitled too.
Have just got off the phone with PTSB (again), trying to figure out where the rate they gave us came from.

We broke out of our fixed rate in February/March 2009, I was given a list of the rates they were charging at that point:
  • 21 January 2009: 1.5%
  • 11 March 2009: 1.25%
  • 8 April 2009: 1%
The rate they put us on (now) is 2.3%, So I'm assuming (perhaps incorrectly), those were the rates above ECB which were:
  • 21 January 2009: 2%
  • 11 March 2009: 1.5%
  • 8 April 2009: 1.25%
Again, I'm assuming they put us on the new rate in the April, which would equate to 2.25% which for some reason they're rounding up to 2.3%. It's only 0.05%, but still...
 

Kelmcc

Registered User
Messages
16
I knew nothing of this and only recognised my rate change via Internet banking. My rate has been changed from 4.5 to 3.3%. I took my mortgage out in October 06 and wenton a 5 yr fixed in 08 but broke our of this and went onto variable in Feb 09.
Is this rate the correct tracker as u thought tracker rates were much lower.
I rang Ptsb but no one could answer any questions.
What does all this mean?! Very confused
 
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