Media reports today would suggest that PTSB will be allowed to continue with its extortionate SVR rates for existing customers. As a PTSB SVR customer with 96% LTV, I would appreciate constructive opinion on the following:
After the forthcoming valuation, I will be offered a rate of 4.3%. I have approximately 10% of the remaining balance of the mortgage in personal savings. If I invested 50% of my personal savings (i.e 5% of the mortgage balance), I would probably have a LTV in the region of 89-90%. I am very wary about investing half of my savings in the mortgage as I anticipate having to dip into savings over the coming years for personal circumstances.
a. will PTSB allow me to invest personal savings to reduce the LTV after their forthcoming valuation of my house?
b. should I invest that level of personal savings in my mortgage?
c. should I try and switch to another bank? If so, what bank and type of mortgage? Preliminary discussions with BOI suggest that they are willing to offer me a fixed rate.
After the forthcoming valuation, I will be offered a rate of 4.3%. I have approximately 10% of the remaining balance of the mortgage in personal savings. If I invested 50% of my personal savings (i.e 5% of the mortgage balance), I would probably have a LTV in the region of 89-90%. I am very wary about investing half of my savings in the mortgage as I anticipate having to dip into savings over the coming years for personal circumstances.
a. will PTSB allow me to invest personal savings to reduce the LTV after their forthcoming valuation of my house?
b. should I invest that level of personal savings in my mortgage?
c. should I try and switch to another bank? If so, what bank and type of mortgage? Preliminary discussions with BOI suggest that they are willing to offer me a fixed rate.