PTSB tracker mortgage - anyone got the most recent ECB reduction yet.

thejuggler

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133
I got the 0.75 reduction at the start of January but the subsequent 0.25 reduction has yet to be applied. I am on a 1.68% margin tracker. Have they applied it yet?
 

jhegarty

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2,928
No , not yet.

Based on the past reductions I think we will get it early next month.
 

angela59

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594
Hi,

I'm on a tracker +0.80 and I got the 0.5 cut last week according to my open24 it is now down to 2.80.

angela59
 

Taxi Driver

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Messages
54
The 0.5% cut in January was applied to tracker mortgages by PTSB on the 13th February. See here.

However they have a complicated way of applying the rate change to payments. Payments only change in the month of the interest reduction if they are made 15 days after the rate change by PTSB. If the payment is due within 15 days of the rate change the old repayment applies and the extra money paid is subtracted from the capital amount.

As 13 + 15 = 28 it is likely that all PTSB tracker mortgage repayments in February were the same as they had been in January. All repayments in March will be at the new level.

Complicated, I know, and you can get even more confused by reading this: http://www.permanenttsb.ie/pdf/ECB-Rate-Change-Info.pdf
 

thejuggler

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133
Ironically the letter from ptsb about the reduction just arrived this morning - should have been more patient. :) Thanks all!
 
R

rmelly

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Just on a side note, I have am in year 1 of a discount tracker (ECB +.6%) with PTSB the first 12 months is up after the march repayment, I enquired with PTSB when the discount period expires what rate will it revert to, I had to ask them as I have just renovated the house and we now have twins so head is just all over the place, the agent I was speaking to wasn't too sure so he went off to check and came back with the usual line, that I will receive a letter with options to choose from and at the moment I will be offered a variable, fixed or tracker at ECB+2.2%. I thought thats a bit high so I contacted my solicitor who reviewed my docs and came back to tell me that it will revert to ECB+.8% (happy days), he even sent me a copy of the special conditions that verifies this (fair play to him for taking the time to do this for me, and only took him 2 days). So I am eagerly awaiting this "Options Letter".... I know what my reply will be....
I was in similar situation last month, they switched to the rate I expected without an options letter. Likewise I had spoken to an agent who confused the matter.
 
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