PTSB Tracker - Incorrect interest rate charged on mortgage

Bluefin

New Member
Messages
8
I took out a mortgage with PTSB in 2007. The offer rate (agreed via email) and actual rate charged (on signed contract) was 0.2% difference. I raised this with PTSB recently and they refused my appeal as the rate being charged is the rate signed in the contract.

Have I any possible recourse?
 

Brendan Burgess

Founder
Messages
42,166
Yes, if ptsb has issued you a final decision, you can make a complaint to the Ombudsman.

Is it as simple as you state?

Why did they change the rate? Usually the margin only holds for a limited time and the margin for your loan to value may have been different by the time of drawdown.

Brendan
 

Bluefin

New Member
Messages
8
Yes, if ptsb has issued you a final decision, you can make a complaint to the Ombudsman.

Is it as simple as you state?

Why did they change the rate? Usually the margin only holds for a limited time and the margin for your loan to value may have been different by the time of drawdown.

Brendan
Thanks for getting back to me so quickly.

Yes it was as simple as I stated. I was in the middle of a self-build and with the craziness of 2006/2007 building boom and with holding down a full-time position and young child, I was a bit sloppy when signing the mortgage contract. The LTV at the time was 40% or so as I had a significant deposit to complete the first 4 stage payments.
 

Brendan Burgess

Founder
Messages
42,166
Hi Bluefin

Thanks for the update.

I presume this was settled at mediation and ptsb conceded it fairly quickly.

Brendan
 

Bluefin

New Member
Messages
8
Correct. Took approximately 2 months or so to resolve between Ombudsman and PTSB. Found the entire process very straight forward and my interactions with the Ombudsman were very positive.
 

Patrick81

New Member
Messages
7
Correct. Took approximately 2 months or so to resolve between Ombudsman and PTSB. Found the entire process very straight forward and my interactions with the Ombudsman were very positive.
Did PTSB provide a reason for the change in rate from offer letter to contract?
 
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