PTSB PTSB Tracker - when does rate cut take effect?

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peelaaa

Guest
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
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.
 

podgerodge

Frequent Poster
Messages
780
do you need to have a bank account in PTSB to see your mortgage online. this really ****es me off
you don't need a bank account. you need to ring ANY PTSB branch and ASK for an open24 number as you don't have a bank account with them - then you ring open24 and start the registration process.
 

beetroot

Frequent Poster
Messages
72
I also rang them today as the reduction had not been applied to my tracker. The date the first rate reduction should have been applied to your mortgage was Nov 7 and the second reduction will be applied on Dec 5'th. You should find out what date your mortgage is drawn from your account, apparently a direct debit takes a few days to process so in my case the mortgate is drawn on the 6'th of the month but the money only came out of my account today the 11'th so that's why I did not get the reduction this month.
 

bMino

Frequent Poster
Messages
20
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!
Hi Scallan,

Did TSB get back to you and confirm that your rate is 4.8% ???
 

dieter1

Frequent Poster
Messages
161
My mortgage came out today (13th) and it was the same as last month, I presume I'm in the same boat as everyone else? That said my payment is set to come out on the 15th, i know that thats a saturday this month, but two days early? seems a bit strange.....

I still havent received any notification that the rate will drop though, no letter through the post......have any ptsb customers received a letter
 

Ciaraella

Frequent Poster
Messages
213
Our rate changed on the online account but the amount of mortgage hasn't, we'll see what happens on the 15th when the mortgage comes out
 

Nutso

Frequent Poster
Messages
555
Same here - mortgage rate is 4.55% but amount is still the same as last month.
 

bikki

Registered User
Messages
11
same with me. rate changed a few days ago online.
payment went out today but is the same amount as last month
 
C

Cartoo158

Guest
Hi, I als have a mortgage with PTSB and 2 weeks after the last interest cut I recieved a letter stating the reduction and the new repayment ammount
 

Ciaraella

Frequent Poster
Messages
213
Mortgage came out the same as last month but rang and confirmed as peelaaa has already explained that although the same amount came out of the account, the difference went off the capital amount of the mortgage so we haven't lost out, all should be adjusted by next months payment.
 

korpy

Frequent Poster
Messages
48
you don't need a bank account. you need to ring ANY PTSB branch and ASK for an open24 number as you don't have a bank account with them - then you ring open24 and start the registration process.
Just returned from a PTSB branch, I asked them for an open24number ( I only have the mortgage with PTSB , all other accounts are with AIB)and they said becuase I don't have the current account with them and I took out the mortgage with a broker they will not be able to give me an open24number. Is this corect?
 

sulo

Frequent Poster
Messages
204
Just noted on my mortgage a/c (online) that the Monthly payment has dropped now too.

Wooo hooo!
 

podgerodge

Frequent Poster
Messages
780
Just returned from a PTSB branch, I asked them for an open24number ( I only have the mortgage with PTSB , all other accounts are with AIB)and they said becuase I don't have the current account with them and I took out the mortgage with a broker they will not be able to give me an open24number. Is this corect?
no, i am in exact same position as u and was given number and can now access mortgage online. Give them hell.
 

petrucci

Registered User
Messages
34
My repayment goes out on the 15th of every month (I'm on tracker rate).
The one on 15/11/2008 didn't even include the rate cut to 3.75% from 8/10/08!! I rang TSB and was told that, although the cut had been passed on on 7/11/2008, it couldn't be applied to my repayment on time (apparently it takes up to 16 days for their system to do that!).
The reduction in my repayment between 07/11/2008 and 15/11/2008 will be taken out of my principal instead. I was told that I had no option of getting a refund or reducing interest here. Hmmm, is that true? Anyone in a similar situation?
Now, the same thing might happen with the cut to 3.25% being passed on on 5/12/2008 so it looks like I will only see a full 1% cut in the January repayment! Dreadful.

P.S. They were so quick in passing on the increase to 4.25% back in July, only took them 2 weeks in my case! But now it takes them 1.5 months to apply a rate cut to my repayment! I think the Financial Regulator should sort this out, don't you?!
 

Jennypen

Registered User
Messages
17
Hi All,
Been following all your comments on this. I have a tracker mortgage with PTSB. My mortgage payment goes out on the 19th of the month. I first called PTSB on October 15th to enquire when Oct 8th rate cut would be implemented. The guy I spoke with explained that I would not receive the rate cut for October but my payment would reduce by approx 50 euro for November. By 17 November still no reduction in my rate or repayment so called them again and got through to a very narky agent...before I even spoke she said "ya, yer repayment this month is still xxx amount and its cause....". I stopped her in her tracks and explained that I had been reading all the explanations others received and I was not happy. Long story short, I wont receive Oct rate cut until December in my repayment and Nov rate cut she said wont show until Feb repayment..she may have been having a bad day but her attitude left alot to be desired. She repeated about 20 times "you're not understanding me" which got me even more riled up. I have received no letters of confirmation of these rate cuts. She advised me to wait until January when I receive my annual statement to see how the rate cuts have affected my principal. It seems we are all getting slightly different stories here.
 

upport

Frequent Poster
Messages
121
My repayment goes out on the 15th of every month (I'm on tracker rate).
The one on 15/11/2008 didn't even include the rate cut to 3.75% from 8/10/08!! I rang TSB and was told that, although the cut had been passed on on 7/11/2008, it couldn't be applied to my repayment on time (apparently it takes up to 16 days for their system to do that!).
The reduction in my repayment between 07/11/2008 and 15/11/2008 will be taken out of my principal instead. I was told that I had no option of getting a refund or reducing interest here. Hmmm, is that true? Anyone in a similar situation?
Now, the same thing might happen with the cut to 3.25% being passed on on 5/12/2008 so it looks like I will only see a full 1% cut in the January repayment! Dreadful.

P.S. They were so quick in passing on the increase to 4.25% back in July, only took them 2 weeks in my case! But now it takes them 1.5 months to apply a rate cut to my repayment! I think the Financial Regulator should sort this out, don't you?!
Why? The overpayment is deducted off the principle which in turn will reduce interest payment, or am I missing something?
 

petrucci

Registered User
Messages
34
Why? The overpayment is deducted off the principle which in turn will reduce interest payment, or am I missing something?
What if someone doesn't want that and wants a refund or reduced interest in next payment instead? They give you no choice which is poor customer care. Also, the fact that it takes them 1.5 months to pass on a rate cut but only two weeks to pass on an increase is a rip-off. They only do this to keep their cash flow high for as long as possible - at my expense!!!
 

korpy

Frequent Poster
Messages
48
Hi All,
Been following all your comments on this. I have a tracker mortgage with PTSB. My mortgage payment goes out on the 19th of the month. I first called PTSB on October 15th to enquire when Oct 8th rate cut would be implemented. The guy I spoke with explained that I would not receive the rate cut for October but my payment would reduce by approx 50 euro for November. By 17 November still no reduction in my rate or repayment so called them again and got through to a very narky agent...before I even spoke she said "ya, yer repayment this month is still xxx amount and its cause....". I stopped her in her tracks and explained that I had been reading all the explanations others received and I was not happy. Long story short, I wont receive Oct rate cut until December in my repayment and Nov rate cut she said wont show until Feb repayment..she may have been having a bad day but her attitude left alot to be desired. She repeated about 20 times "you're not understanding me" which got me even more riled up. I have received no letters of confirmation of these rate cuts. She advised me to wait until January when I receive my annual statement to see how the rate cuts have affected my principal. It seems we are all getting slightly different stories here.
I'm in same position, tracker mortgage goes out on the 19th, rang PTSB and they said the first reduction will be in Dec and second in Jan.
 

konline

Registered User
Messages
22
I am on Variable rate with PTSB. I received a letter yesterday saying that the interest rate came down by 0.5% and my Nov payment will be reduced by x amount. My payment goes out of my account on 30th of Nov.
 

Gondola

Frequent Poster
Messages
130
I am on a tracker with PTSB (+1.1% ECB) and I received communication on the October/November changes in interest rate this week.

I received a letter stating the new rate - 4.85% - applicable from Nov 7th and the new repayment amount. However, I noticed that the letter is dtd Nov 14th: it is the day when I phoned Mortgage Servicing to enquire about the interest changes.
I wonder whether PTSB would have sent any comm out at all if I had not phoned.
 
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