PTSB to raise interst rate by 0.5%

K

Knuttell

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PTSB are set to raise their interest rates on variable rate mortgages from next month,on foot of a .5% rise in July of last year,which provoked massive outrage at the time...other lenders appear to be eager to follow PTSB in this move.

This is despite the fact the ECB have left rates unchanged.

Anyone on a Tracker or a fixed rate is not affected.

[broken link removed]
 
So the fun is starting, expect to see them all following now that NAMA is underway. Don't forget the additional 4B of cuts/tax increases in the next few budgets.
 
I hope aib are ready to put me back on interest only because thats all i'll be able to pay for the next few years..
 
Towger said:
So the fun is starting, expect to see them all following now that NAMA is underway. Don't forget the additional 4B of cuts/tax increases in the next few budgets.
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PTSB isn't a NAMA bank , so can't see why it would be related.
 
What is the current PTSB "standard" variable rate? I can see what it is for new customers on the website - but are all existing customers on the same rate - or does it depend on what "package" was agreed etc.? Anyone got a variable mortgage with PTSB ?
 
I've gotta 5.1% 3-year fixed since 2007 due to end in March, so I've already missed out on the drop in variable.. and now just as I was looking forward to a drop in monthly repayments they annouce this?? Man that sux so bad...I too would like to konw the current variable rates for existing customers without having to speak to them...hzzzzz...if anyone has any ideas what they may be in March..!
 
Towger said:
So the fun is starting, expect to see them all following now that NAMA is underway. Don't forget the additional 4B of cuts/tax increases in the next few budgets.
Click to expand...


I'm with you on this, things are going to get very nasty.
 
PTSB confirms that it will be increasing its SVR by 0.5%,adding 66 euro to a mortgage worth 250,000 euro.
 

According to today’s Business Post not only is Permanent TSB’s standard variable increasing by 0.5% to 3.69% from tomorrow but they will charge an even higher rate to customers coming off fixed rates who wish to transfer to a variable rate. Their variable rate will be between 4.05% - 4.15%, depending on LTV.

[broken link removed]
 

If that is the case - it's extremely harsh. A sign of things to come in the banking world?
 
Knuttell said:
This is despite the fact the ECB have left rates unchanged.
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I'm not sure why anyone is surprised or shocked by this move.

PTSB (along with every other Irish bank) are losing money on their mortgages.

You can't continue running your business at a loss. Commerce 101!
 
UFC said:
I'm not sure why anyone is surprised or shocked by this move.
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Where in that quote does it suggest that I am "shocked" by this? I merely highlighted the fact that ECB rates have not increased.
 
Knuttell said:
Where in that quote does it suggest that I am "shocked" by this? I merely highlighted the fact that ECB rates have not increased.
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Where in that quote does it suggest that I thought you were "shocked" by this?

Go back and read your post.

Knuttell said:
PTSB are set to raise their interest rates on variable rate mortgages from next month,on foot of a .5% rise in July of last year,which provoked massive outrage at the time...
Click to expand...
 
Which created massive outrage at the time
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which it did,people were spitting at cashiers in PTSB banks,The Joe Duffy show was inundated for days with outraged callers etc ad nauseum...now where in any of my posts do I personally display outrage or surprise at this rate increase,answer nowhere.

I was merely posting this story in this forum because it may be of interest to those who have SVR mortgages with PTSB.
 

I never said you were outraged or surprised. You are the only one accusing yourself of feeling those emotions.

Relax.
 

Anyone coming off a fixed rate with PTSB should check their contract. Ours said that when fixed rate finished we would revert to a Tracker.
 
Has anyone any news on how this was received? Has there been anybacklash this time?

Also it seems none of the other banks have followed.

Has anyone tried negotiating with PTSB to get lower their variable rate at an individual level?
 
you might revert back to a tracker, but what margin on it, bet it isn't the same as the one you left.

Given that trackers are no longer available, do they have to put you back onto the same tracker margin as you left, or is it at their discretion as long as they put you on some tracker, and increase the margin ?
 
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