PTSB Bonus Tracker

Lanshane

Hi all,

Just wondering what to do regarding PTSB''s latest offer reagarding paying a lump some off your tracker mortgage and they will offer you 10% Bonus.

I am in a position where I can put €10,000 off the mortgage, so I would be reducing the principle by €11,000. At the moment I have 187K left on the mortgage, and am on a tracker of ECB +1.68%, with 23 years remaining.

The offer ends in June.

I am just wondering if I should snap at this or should I hold off until a better offer arrives. I have read that a bonus of 25% would be more appropriate! Just wondering what some people who might be contemplating this offer might be thinking?

Tks all.

Pablo Sanchez

A better deal might come along, but the banks may be watching to see what the ECB will do with rates before making more offers, if they forsee rates jump over the next few years they might not to be as generous as we hope them to be.

Paying down debt is never a bad thing if you can afford it and have some cash set aside for unexpected expenses, if the 10k is all you have id be hesitant about putting the whole thing against your loan.

Lanshane

Thanks Pablo. I think I might just hold on and see what happens in June when the deal ends. If the trackers are hurting them as much as I think they are, then they will have to offer better incentives to end these loans sooner. It's very hard to know what the ECB will do to the rates going forward with more bailouts coming on one hand, and enery(oil)/food costs on the other driving inflation, who's to know! Thanks for you comment.

creaghadoos

if you pay 10k off your mortgage with 23years left to go, it will be 23 years before you really see the benefit.

if you were to lock your money into a savings account you will have a lot more benefit in 23 years time

Lanshane

creaghadoos wrote: »

if you pay 10k off your mortgage with 23years left to go, it will be 23 years before you really see the benefit.

if you were to lock your money into a savings account you will have a lot more benefit in 23 years time

It would actually be just over 2 years less than 23 years before I would see the benefit...That's almost 2 years of pain at that stage of my life finished....now that is a benefit both economically and psychologically. I do take your point though.

Lanshane

Just got a letter yesterday from PTSB saying that due to 'customer feedback'! they have decided to make this offer more attractable. Before, you were allowed to pay off a maximum of 50% of the principle and avail of the 10% bonus. The new offer now allows you to pay off 100% of the principle, while still availing of the 10% bonus. Now if I had 100% it would be paid a long time ago:D. Anyway, I'm am still hoping that they will improve the 10% bonus, which is pretty pathetic TBH. More like 25%.

Dabouche

I don't understand how you can call this offer pathetic???

Is there any other comparable offer from any of the other Irish banks? Not that I have heard of. If my bank was offering me an extra 10% on any lodgment that I made to my account I wouldn't be complaining.

transam

i got the same letter yesterday , i would consider it if the monthly repayments went down a little bit ,they have to do better then that

DrPhilG

Thread bump!

Has this offer long since gone? I might have a few quid spare shortly and considering putting a chunk off my mortgage.

bee06

DrPhilG wrote: »

Thread bump!

Has this offer long since gone? I might have a few quid spare shortly and considering putting a chunk off my mortgage.

Yes, it's been finished for quite a long time.

DrPhilG

bee06 wrote: »

Yes, it's been finished for quite a long time.

Bugger. Thought so, pity.

greenman09

Was only around for a matter of months. No sign of it in the future