Managed Variable Rate (MVB) PTSB

Royal Legend

Just wondering what people think about this offer, my LTV would be nearer 100% so i do not see a benefit to me, but is it worth applying just to get a free valuation on my property?

bonyn

It's worth applying if it will reduce your interest rate from 4.5% to 4.3%

homer911

Check the terms and conditions - I think this is something you can only do once in a three year period - which means if you think you wont benefit now, maybe wait a year to be sure you will

Eoinbmw

I'm in the same boat depending on valuation ill get a reduction to either 4 or 4.2 so the better the valuation the better the reduction I might hold out as prices are slowly increasing in my area along with the loan decreasing!
Its a ****e system anyway and not very fair on customers stuck on their rotten 4.5% rate!

Mr Velo

To avail of this MVR - do you have to apply to PTSB first, or go directly to an estate agent to do the valuation of the house first?

Coming out of a 5 year fixed rate next month and want to get the lowest rate possible.

homer911

Mr Velo wrote: »

To avail of this MVR - do you have to apply to PTSB first, or go directly to an estate agent to do the valuation of the house first?

Coming out of a 5 year fixed rate next month and want to get the lowest rate possible.

PTSB First. They give you a voucher to use with one of their appointed valuers in your area
https://www.permanenttsb.ie/whatweoffer/mortgages/changes-to-standard-variable-rate-mortgages/

worker bee

Did anyone who availed of this offer originally think that the title 'MANAGED variable rate' meant that the interest rate would be revised every year or so?

tvc15

worker bee wrote: »

Did anyone who availed of this offer originally think that the title 'MANAGED variable rate' meant that the interest rate would be revised every year or so?

Yeah, got badly stung by this, signed up just before one of the jumps in rate and was looking forward to the savings, I rang up and apparently I'm stuck on the original rate! I can't even send in a new valuation to get to the next interest rate!!!

In no way is this product a 'Managed Variable Rate' its simply a variable rate so I got screwed. Time to find a new mortgage provider ugh!

worker bee

Yes, I switched to this stupid 'offer' more than 2 years ago. In one way it was grand as I did manage to get a slight reduction in mortgage rate to 4%. But this was still higher than the rate offered by most other banks.

It has not reduced at all since then. I have contacted ptsb several times about this and they are sorry but they are 'not in a position to offer any further reductions at this time'.

I reckon I'm paying around €100 a month more than I would need to with any other bank.

I really thought that 'managed' meant they would review our account every so often - the loan amount has obviously reduced in the past 2 years and our house has also gone back up in value so our loan to value rate is better but they won't even consider reviewing it.

If they had made it clear to us that it was a once-off 'managing' of our account then we would have held off on applying for a while and we would have been on a more favourable interest rate. So I feel they missold us the product and have not played fair since.

You are dead right, tvc15 - it's not a managed rate at all. It was a slight reduction in rate but they have stuck at a rate higher than all other banks since then.

tvc15

worker bee wrote: »

Yes, I switched to this stupid 'offer' more than 2 years ago. In one way it was grand as I did manage to get a slight reduction in mortgage rate to 4%. But this was still higher than the rate offered by most other banks.

It has not reduced at all since then. I have contacted ptsb several times about this and they are sorry but they are 'not in a position to offer any further reductions at this time'.

I reckon I'm paying around €100 a month more than I would need to with any other bank.

I really thought that 'managed' meant they would review our account every so often - the loan amount has obviously reduced in the past 2 years and our house has also gone back up in value so our loan to value rate is better but they won't even consider reviewing it.

If they had made it clear to us that it was a once-off 'managing' of our account then we would have held off on applying for a while and we would have been on a more favourable interest rate. So I feel they missold us the product and have not played fair since.

You are dead right, tvc15 - it's not a managed rate at all. It was a slight reduction in rate but they have stuck at a rate higher than all other banks since then.

Well I put in a complaint and I'll have to see how they respond. It is simply a variable rate, all their languange when selling the product heavily implied that it was a managed rate which when I paid off past a certain percentage, the mortgage would move to the next rate. Nowhere did they state that once you switched to the 'managed' variable rate you were stuck, even a new valuation cannot be completed.

It's far from the tracker mortgage scandal but it was intentionally missold. I bet there are a lot of people who moved and are expecting a rate cut when they reach the next LTV step and will be ringing PTSB wondering the same thing I did.

worker bee

Good luck. I put in a complaint and they suggested I take it to the Financial Ombudsman.
I did and the Ombudsman noted that we weren't told that it would be regularly managed - I said that that is what I took 'managed' to mean.

Definitely think you could still complain to the bank and to the ombudsman.
If a lot of people 'misunderstood' the terms then maybe there's more weight to the complaints.

Mr Velo

Anyone get any soot from PTSB on this MVR? Been on this rate for over 2 years now. Considering switching whats left of our mortgage at this stage - but haven't called PTSB to see if i can get a reduced rate as of yet.