When is PTSB passing on the last ECB Decrease?

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Joe Nonety

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The November 9th cut won't be passed on until Feb 2012 for my 0.95% tracker with PTSB. Is this illegal? Is this how they're punishing those with tracker mortgages?
 
Joe Nonety said:
The November 9th cut won't be passed on until Feb 2012 for my 0.95% tracker with PTSB. Is this illegal? Is this how they're punishing those with tracker mortgages?
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I thought tracker changes must be made by banks within 30 days. Feb 2012 seems crazy
 
Joe Nonety said:
The November 9th cut won't be passed on until Feb 2012 for my 0.95% tracker with PTSB. Is this illegal? Is this how they're punishing those with tracker mortgages?
Click to expand...

That seems way too long.

I am still waiting for my .25% rate decrease and letter from PTSB. Online banking yesterday I saw the same unreduced repayment figure down for payment on 2nd January.
 
From what I understand it comes into effect from Dec 1st - and you Jan 2012 payment will be for the month of Dec with the new rate - but I have not yet received my new letter from PTSB with decrease details so I could be wrong on this. Plus I am on variable so could be done differently?
 
They must honour the interest reduction within thirty days, feb for nov reduction is absolutely non sense. they are legally obliged to do so for trackers within thirty days
 
OK, there are two issues here.

1) Tracker mortgages - they must pass it on within 30 days, if that is what the loan agreement says

2) Standard Variable Rate mortgages and LTV mortgages. They are under no obligation to pass it on at all, never mind by a particular date.
 
Absolutely agree Brendan that for SVR they are not under any obligation to pass the rate decrease on. I was anticipating communication though on the rate decrease as they had been so vocal in the media about passing that decrease onto their customers.
 
I spoke to PTSB today and they said that the rate was passed onto tracker mortgages on 21-Nov (I think). When I queried why my December repayment was not reduced they said that the balance would be treated as payment of principal (or maybe an overpayment - I cna't remember now, sorry). My mortgage repayment will decrease when the January one hits my bank in the first week of January.

In addition, the rate decrease announced today will be passed onto trackers on 29-Dec so it will be the Feb repayment before I will see reduction in my monthly outgoing for that 0.25% drop.
 
I havn't had any letter yet from PTSB re the Nov or Dec ECB rate drops. Had a look online at my mortgage account and the Jan repayment is only 12 euro less than Dec, was expecting more with the first .25% drop and 30% FTB relief. I may check it out.
 
I just checked my Open 24, I'm a tracker @+1.68 my mortgage payment went up this month by €14.45 and my TRS came down by 57% from €66.66 to €37.50, could anyone shine a light on this. So much for me thinking it was going to drop by €15 due to Nov's 0.25 rate cut, at this rate it's going to go up another €14.45 for Dec's 0.25 rate cut. Any ideas or advice ? Joe.
 
JoeyM said:
I just checked my Open 24, I'm a tracker @+1.68 my mortgage payment went up this month by €14.45 and my TRS came down by 57% from €66.66 to €37.50, could anyone shine a light on this. So much for me thinking it was going to drop by €15 due to Nov's 0.25 rate cut, at this rate it's going to go up another €14.45 for Dec's 0.25 rate cut. Any ideas or advice ? Joe.
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We have the same tracker rate. Your TRS is very low, presumably your interest figure is low? A few years back when the ECB started to fall I couldn't understand why my repayments were not falling by much more. Eventually PTSB showed me how the repayment was calculated, more of the repayment was going towards principal.
 
Hi Steiner, thanks for your reply, on a monthly bill of €738 about €450 comes of the principle. I can see what your saying and I've received all the ECB cuts since 2008 but not once has a monthly payment gone up, this is what's baffling me !!!
 
I have the 3 PTSB letters for 2011 re the 3 ECB rate changes

May 19 - new increased tracker rate applicable from Apr 18 - repayment due June 2
July 19 - new increased tracker rate applicable from July 18 - repayment due Aug 2
Dec 19 - new reduced tracker rate applicable from Nov 21 - repayment due Jan 2

they were superfast in applying the 2nd increase.

I can see my Jan repayment figure obviously doesn't include the full 30% FTB relief announced in Budget 2012, but the Feb etc repayment will probably reflect that, its worth about 75 euro extra a month to me, the .25% ECB reduction is only translating into a 12 euro repayment reduction.
 
has anyone heard from PTSB yet with respect to the dec rate cut and trs? Still waiting here, our mortgage dropped by 5 euro in Jan - TRS increased and the first rate cut kicked in.
 
I think my TRS decrease came through today it went from €37.50 up to €64.77 !!! I was assuming it was going to go to €75 per month !!! 30% of €3000 = €900 divided by 12 months = €75, I think I'm been short changed !!! Any thoughts people ? Joe.
 
Joe apparently it is still based on 25%, the 30% change will not come in until around April and you should be either back dated or the excess split out across the remaining months in the calendar year.
 
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