PTSB PTSB Tracker - when does rate cut take effect?

thebop

Frequent Poster
Messages
101
Can anyone confirm by their online account that their PTSB tracker mortgage has reduced. Just checked mine and the rate has not decreased yet eventhough the message on their website states that it will be reflected in accounts by the 5th November.
 
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rmelly

Guest
Can anyone confirm by their online account that their PTSB tracker mortgage has reduced. Just checked mine and the rate has not decreased yet eventhough the message on their website states that it will be reflected in accounts by the 5th November.
I checked this afternoon, the rate hasn't changed nor has the amount of the next repayment later this month.
 

Seiko

Registered User
Messages
24
I rang PTSB on Friday and was told the decrease would be updated on Open 24 by close of business friday. It is still showing the old amount although my repayment isn't due till later in the month.
 
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peelaaa

Guest
Same here, my repayment goes out on 12th, I will call them this morning.
 

sandrat

Frequent Poster
Messages
919
does it go out of a ptsb account? If not then it is "called for" on the 9th (ours comes out on the 12th too!)
 
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peelaaa

Guest
does it go out of a ptsb account? If not then it is "called for" on the 9th (ours comes out on the 12th too!)
Yes it goes out of a ptsb account yet the online account is still showing old interest rate. I am going to call them when they open at 9am.
 
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peelaaa

Guest
I have just been on the phone to PTSB and the rate change back in 15th october of 3.75% will be implemented from 7th november. I queried why my repayment on the 12th november hadn't reduced and they stated it takes 16 days to implement a payment change.
So this month I will pay same amount as old interest rate but more will be paid off my mortgage interest so I shouldn't lose out.
The interest rate reduction on the 12th november of 3.25% will be implemented on the 5th december, so I will be in the same situation as the previous payment.

Now thats how to complicate matters...........
 

windo77

Frequent Poster
Messages
79
I rang PTSB and the initial, automated response repeated their commitment to reducing rates on 7 November and 5 December but did not mention if the first reduction had been implemented (not in my case). I continued to hold for 15 minutes and gave up.

Perhaps their call centre is snowed under with calls from people who, like me, have not received the first interest rate reduction.
 
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peelaaa

Guest
I rang PTSB and the initial, automated response repeated their commitment to reducing rates on 7 November and 5 December but did not mention if the first reduction had been implemented (not in my case). I continued to hold for 15 minutes and gave up.

Perhaps their call centre is snowed under with calls from people who, like me, have not received the first interest rate reduction.
My previous post explains why you may have not received reduction. It takes 16 days to implement it but as you are paying the old rate for an extra month, more will be paid off your overall interest. It is similar to reducing your term slightly.
 

Seiko

Registered User
Messages
24
So does this mean our open24 accounts will be updated with the new info on 23rd Oct (7th + 16 days)?
 

sandrat

Frequent Poster
Messages
919
they have 30 days to change it plus 16 days for it to work? so 46 days? we are on a payment holiday anyway so hopefully all will sort itself out before we pay again
 

windo77

Frequent Poster
Messages
79
My previous post explains why you may have not received reduction. It takes 16 days to implement it but as you are paying the old rate for an extra month, more will be paid off your overall interest. It is similar to reducing your term slightly.
Thanks. I started writing my post before the forum had received yours.

More importantly, PTSB should make their customers aware of this 16-day period through their website and through the automated response they receive when they initially contact the call centre.
 
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z104

Guest
If you phone and ask them they will look at their screen and tell you what the interest rate is. The web rates do not update automatically. There is always a lag.Sometimes a couple of weeks.

So just phone and ask.
 

podgerodge

Frequent Poster
Messages
740
phoned them got the same story...payment remains the same but, as i understand it, you are only getting credit for the 3 days between the 30 day period being up and the repayment date so its effectively nothing for this month.
 

scallan

Registered User
Messages
35
I see too that the Rate has changed but the amount hasnt!
I also see that the Rate has only decreased on my Tracker by 0.25% - Ill be making a call!
 

scallan

Registered User
Messages
35
Well made that Call & they tried to tell me that it has come down by 0.5% & my rate was 5.05 instead of 4.8% which it is & has been!

They have to get back to me!
 

niallmur

Registered User
Messages
14
my mortgage repayment was taken out today, the the payment has not come down? whats going on. its well over a month since the cut. has this happened to anyone else.
do you need to have a bank account in PTSB to see your mortgage online. this really ****es me off
 
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