Home › Forums › ASK THE EXPERT › Financial Advice & budgeting ideas › PTSB rate increase!
- This topic has 21 replies, 6 voices, and was last updated 12 years, 1 month ago by Jedt.
February 3, 2011 at 9:35 pm #10957
Been saying for a while, for all the money the banks are losing on customers with ECB tracker rates on their mortgages, the main way to balance the loss is either increase the standard variable or push people into higher fixed rates. So, PTSB have are increasing the standard variable by a full 1%!! Quite a jump for anyone with a large mortgage. What will usually follow is an increase in the fixed offerings, so if you are on a variable, now MAY be a time to fix if it suits your circumstances (or if your fixed has just expired and you are choosing your options!) This increase DOES NOT affect those on ECB Tracker variable rates, only the Standard Variable! Make no mistake, while you read this, chance is, board meetings are taking place in other lenders to decide if they want to jump in the "slipstream" of PTSB and also increase their standard variable!
Check out the link for the mumstown session, understanding mortgage rates is one of the topics we’ll cover on the day!February 3, 2011 at 9:43 pm #109215
Just seen this on the 9oc news, we’re with perm tsb and on variable so its bad news for us, if on variable can you change at anytime to fixed?February 3, 2011 at 10:04 pm #109218Taylor5Member
yes you can fix at any time…. i was told 2 weeks ago that the rates were going up, was told to get my finger out and fix! Im not with ptsb but surprised its going up a full 1%
Bank bailouts yet its joe soap left to carry the can, its sad to think 75k people havent paid their mortgage in the past 3 months, now 1% can add alot if you have big mortgageFebruary 3, 2011 at 10:06 pm #109219
There’s always a fixed rate option Julymam but what it is depends on timing! Sometimes the lender also charges an administration fee if you request to switch! If you ring 1890 500121 and choose option 4 (unless they’ve changed it today, listen to the options!) and ask them what options are available to you and ask them to confirm in writing, you can then make an informed decision on what action to take. If I can help, feel free to give me a shout!February 3, 2011 at 10:40 pm #109227
Thanks a mil, its all so depressing..can’t believe they’re upping it by a full % 🙁February 4, 2011 at 9:12 am #109232
Yeah, a full 1% increase would never have happened a few years ago and the reason is, it would have damaged their ability to get new mortgage customers, but now that they are hardly lending at all compared to 3 years ago, there is no pressure from the new business part of the company to keep potential new customers happy, so they don’t really mind how much flak they get, it’s not going to cost them in profit like it would have previously. The other thing is, anyone who got 90-100% mortgages in the past 4-5 years, is most likely either in negative equity or very close to it, so it’s not as if they can move to another lender either!
Let me know how you get on Julymam when you get the options.February 4, 2011 at 10:59 am #109238JedtKeymaster
PTSB sponsor the Last Word on TodayFM – this has to cost a fortune, it is a primetime show on a National radio station. They also run lots TV and Radio ad’s. They are spending a fortune on marketing and advertising and as always, its the regular people who bear the brunt.
Why can’t the government, who part own this bank, stop this interest rate increase from happening?
How are people going to cope as they go further into arrears?
We had a political campaigner the other night at the door saying he thinks people in arrears should have their debts wiped away or moved to the end of their mortgage – kind of like the way the banks had their bad debts written off – but lets be honest, is our government ever going to do something like that to help those of us struggling with mortgage increases and the never ending influx of bills???February 4, 2011 at 11:18 am #109241
Yeah, all of their marketing and drive now is to get people saving and investing with them since they are not making it on the mortgage side! Can’t see any government being able to stop variable rate increases but it would be great to see an initiative to help people struggling. The American company who had been looking at buying EBS had some radical ideas that would revolutionise this area. One of the fears is, if they start writing off arrears for some, others who are not struggling and paying in full will want the same treatment!
In keeping with the other post about 1890 numbers, the one for PTSB if anyone needs it is 01-2124101.February 4, 2011 at 12:39 pm #109250MariefgMember
I just rang PTSB in regard to the increase on the variable rate . Apparently they have suspended the fixed rates for 10 days .It is shocking !!!February 4, 2011 at 12:43 pm #109252
I just rang PTSB in regard to the increase on the variable rate . Apparently they have suspended the fixed rates for 10 days .It is shocking !!!
Are they allowed to do this?! God I wish I could change banks but like a lot of others am in negative equity 🙁 🙁February 4, 2011 at 3:11 pm #109273
The thing is Julymam, even if you could change banks, you could go to all the trouble and expense and find that your new bank put their rates up! They can decide at any stage what they wish to offer in terms of options of fixed rates so yes, they can do that, unfortunately. I would say they have been inundated with requests so they are going to step back and decide at what levels to pitch the fixed rate offerings. I’ll PM you with something else to consider.February 4, 2011 at 6:25 pm #109282Daisy37Member
The country is outraged but still, NOTHING is being done. The banks are screwing the ordinary people again and fully getting away with it. I would ask ‘have they no shame’ but its so bloody obvious they just don’t give a damn what they are doing to people.
shocking they have blocked the fixed rate option, really utterly shocking.February 7, 2011 at 1:32 pm #109459
It’s expected that PTSB will make an announcement this week regarding their future intentions with fixed rates. Just to clarify, if you were just deciding that you wanted to fix from a variable, that option is temporarily suspended. However, if your fixed rate is due to expire shortly and you were written to with the various options available, as long as the date has not yet passed by which you need to choose, you can still avail of any of the fixed options that were put to you, so if you fall into this category, make sure you check the letter to see when the decision needs to be made by!February 7, 2011 at 3:20 pm #109480Taylor5Member
Ulster Bank have put up rates a full 1% aswell…. i still havent fixed, but i have my fixedoffer form from Ulster Bank, just need to pop in the post (all done through head office now) Is my offer still valid and for how long?February 7, 2011 at 3:33 pm #109482
The offer letter should have a date by which you need to confirm your choice and still be valid Taylor. They should be honouring options that were recently given to people in writing.
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