PTSB Mortgage Offer W/O Cashback At Drawdown

Selenophile

Hi,


I finally got my full Letter of Approval from PTSB. Among special conditions it specifies 2% cashback on monthly repayments, but no word about 2% cashback at drawdown.

They advertise on their website both cashbacks for customers receiving full letter of offer by end of the year, but unfortunately I see only one mentioned in my letter.
I guess some people here already went through the same process with this bank so maybe could tell me if cashback at drawdown is still in the game for me, or that's it - only 2% on monthly repayments.
I know I can contact their customer support or the mortgage broker, but I hoped to get straight answer sooner...

Joe Schmo

Same here- none of the mortgage materials mentioned 2% at drawdown. I got P TSB to confirm via email I was eligible for it.

It may not be mentioned in materials as the offer requires drawdown by 31 Dec.

I just drew down a few days ago so will be waiting a month or two to see the money I expect.

GingerLily

They don't put it in the contract, I drew down earlier this year and it was the same for me. I received the cashback relatively soon after drawdown too, a few weeks at most.

Selenophile

Thanks, Joe Schmo & GingerLily!
On their website there are different information: one states what you've said - drawdown before 31/12/2018; on few other pages it just requires Letter of Offer.
Now, because they extended 2% cashback on repayments until June 2019, I hope this one (2% at drawdown) will be extended by the date as well.
However, I will follow your example and send an email.
Thanks again.

tailgunner

How long were you waiting on the letter of offer, if you don't mind me asking?

We're still waiting on it, but hoping to get it this week. As you say, there's conflicting information about whether you need to draw down before the 31st or just need the letter.

Selenophile

We use services of a mortgage broker, but I don't think it changes things much with regard to how long you have to wait. From the time she told me that she sent all the documents (evaluation report etc.) to the day she called to tell me she got the Letter, it was one week.

tailgunner

Actually received the loan offer this morning. Our broker submitted the final valuation report last Wednesday evening, so not a bad turnaround time.

Like yourself, the special conditions only mention the 2% cashback on monthly repayments, and nothing about the cashback at drawdown.

Sounds like it'll be okay based on GingerLily's post, but might see if I can get something in writing.

ErinGoBrath

I had the same issue, no mention of the cashback anywhere.

Broker got it in writing from PTSB, no problems.

Paid approx 4 weeks after drawdown...

Selenophile

From all these experiences so far, and considering they extended 2% on monthly repayments for 6 more months, I believe 2% on drawdown is still in the game until the same date. Good.

mortgagehunter

HI all

I've been approved for a mortgage through a separate bank from TSB ,but according to TSBs website, their calculators are offering more money, any one have any experience with this or is it a ploy to just get you in the door.....
.

Selenophile

I don't know how PTSB calculator works (I got my mortgage with them through a broker), but I know for one other bank that calculator is "to just get you in the door". In that one case, the calculator "offered me" almost 4 times annual salary. In the branch, they told me the maximum value would be some 50K less than what the Central Bank allowed, i.e. 3.5 times salary. I'm sure it is like that for any bank where calculator doesn't get all the details into account. I think the one at ESB site is good enough that it would take many factors into account and show how the amount they could offer you can drop significantly, depending on some factors.