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PTSB mortgage rates

  • 13-12-2011 1:44am
    #1
    waitingforBB
    Registered Users, Registered Users 2 Posts: 173 ✭✭


    How can PTSB who are a state owned institution continue to charge scandalous rates for mortgages?

    AIB charges 3% and has been pressured by the government to reduce again. PTSB were charging 6.15% for LTV customers up to December???

    Difference of 500 per month for the same product from the same lender (state)??????

    Is this not a scandalous state of affairs?

    All very well if the competetive envoronment existed, but it doesnt. Banks wont take switchers as the majority are in negative equity (or at least dont have an LTV<50%).

    Mind boggling that the government are focussing on trying to enforce ECB rate decreases to institutions rather than focussing on what rates people are paying.


Comments

  • #2
    hilaryhill
    Closed Accounts Posts: 4 ✭hilaryhill


    Yes completely agree!
    I am over 6% and something with PTSB and only just managing!
    more than 70% of wage going on mortage! boy would I love to be with AIB!

    just want to know from anyone the following; I find PTSB are very efficient when sending out letters informing me that my mortage interest rate has gone up again (think I have got 3 to 4 letters of this in the past year) but I have never received any letter as of yet telling me they have reduced the interest rate! and I was expecting one as I thought the bank was passing on ECB interest cuts????


  • #3
    dandelion4
    Registered Users, Registered Users 2 Posts: 8 ✭dandelion4


    hilaryhill - yes, I find the same - when PTSB rates go up, letter comes out very fast, they've said they'll pass on ECB rate decrease to SVR customers but I still haven't received a letter either


  • #4
    waitingforBB
    Registered Users, Registered Users 2 Posts: 173 ✭✭waitingforBB


    PTSB will send out notification of a rate reduction 16 days before the payment is due to be made. so if payment is at the end of the month, they will send the notification around now. The ECB rate cut from November is generally being notified by them this week and will show a reduced payment in December. The december ECB rate cut will generally be notified in mid January.

    If you feel strongly on this take a look here at a campaign on the issue of unfair variable rated charged by PTSB http://www.askaboutmoney.com/showthread.php?t=163546


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