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Permanent TSB (interest rates)

  • 06-05-2009 10:51am
    #1
    Col1980
    Registered Users, Registered Users 2 Posts: 37 ✭


    I took out a 100% mortgage of €390,000 with PTSB just under two years ago. It was fixed for two years, this is coming to an end in September. We had fixed at 5.2%. Does anybody have an idea of what rate I will be offered now.


Comments

  • #2
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    Most likely 3.4% or 3.5% variable, depending on the product you were on at the start. This may be affected by ECB rate changes in the interim - may come down a little if the ECB drop rates by 0.25% as expected tomorrow.

    They should also offer you fixed rate options but these won't be known until nearer the time.

    Permanent TSB should write to you in August or early September with your options.


  • #3
    helimachoptor
    Moderators, Science, Health & Environment Moderators Posts: 21,692 Mod ✭✭✭✭helimachoptor


    Sorry to hijack this a bit but I came off a fixed @ 4.75% and PTSB sent a letter stating that my new interest rate would be ECB + max 2.25 % now obviously they have charged the max of ECB + 2.25%. They say they make the % figure on LTV ratio, is there anyway around this??


  • #4
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    You could tell them that their rate is uncompetitive in the current market and that you're thinking of switching. They might reduce your rate to keep your business but I hear that many banks are not negotiating at present due to credit crunch related issues.

    After that, if your loan is <=92% of your home's current value, you could investigate the possibility of switching lender. If you can get a better rate, you might recoup the cost of switching through lower repayments.

    Your rate at present sounds like a tracker, i.e. it cannot go above 2.25% + ECB. You cannot buy a tracker at the moment so while alternative rates might be better right now, they might possibly put them up in the future.


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