Existing mortgage customer Permanent TSB fixed rates?

Cabaal

We have a mortgage with Permanent TSB which is ECB+3.25% so the recent rate increases puts us at 4.5%,

I've looked at switching and we can get 3% with AIB and their cashback offer would cover solicitor fee's for switching if we'd were opting for either 7 or 10 years fixed with approx 20 years remaining on the term, but its been suggested I phone Permanent TSB to see what they will offer existing customer's first.

Permanent TSB said they would send out a letter to us with the rates they offer existing customers and we can opt for them or not, they wouldn't tell me any of the rates before hand though.

Has anyone gotten this letter and can you advise what rates they are offering existing mortgage customers? I don't want to waste my time waiting around for when I can be proceeding with the switching.

GIMP

We got 7 year fixed at 3% recently, we were already on a fixed due to expire next year, so we just extended for a further term. They sent letter filled it out and returned it, very straight forward and it was completed swiftly.

walterking

ECB + 3.25% is an utterly dreadful rip off rate.

They do have 3% 7 year & 10 year fixed and as it can take 3+ months to fix, rates lower than this will be gone by then, so I'd go for 7 or 10 year fixed with PTSB and get off that 3.25% tracker - its costing you money every day

kippy

https://www.boards.ie/discussion/2058265055/existing-mortgage-customer-permanent-tsb-fixed-rates

How did this go for you OP?

Sunrise_Sunset

We were on tracker + 1% with PTSB and fixed for 5 years at 2.8%, the green mortgage option. Wish we'd fixed for 7 years at 3%. Might still consider it if the rates remain as they are into the New Year. Not sure if we have to stick with this rate for a minimum of 6 months? I feel like I could have read that somewhere.

Q&A

https://www.boards.ie/discussion/comment/119785002#Comment_119785002

Not a ptsb customer but never heard of anyone having to wait 6 months to break. Ask them for a break fee calculation. No point waiting if you want to be on the other rate.

Asus X540L

https://www.boards.ie/discussion/comment/119679545#Comment_119679545

https://www.boards.ie/discussion/comment/119785636#Comment_119785636

https://www.boards.ie/discussion/comment/119785002#Comment_119785002

i got a letter from BOI. My initial 3 year fixed rate is running out and I was presented with a list of options. I can go back on fixed for up to 10 years.

Would you guys recommend staying on fixed for as long as possible?

Sunrise_Sunset

https://www.boards.ie/discussion/comment/119790462#Comment_119790462

They say to fix for peace of mind, not for financial reasons, and I personally think that's great advice.

If you're happy with the rate and want peace of mind for 10 years, then go for it.

Most financial advisors are advising to fix for as long as possible.

walterking

https://www.boards.ie/discussion/comment/119790462#Comment_119790462

Depends on the rate

ECB will increase to circa 3% but market expects that to drop from late 2023 or early 2024.

The midterm expectations is 1.5-2%

Asus X540L

https://www.boards.ie/discussion/comment/119798567#Comment_119798567

The fixed rate they are offering is around 3% and the variable is 3.9%.

Sounds bad compared to your figures.

walterking

https://www.boards.ie/discussion/comment/119799604#Comment_119799604

My figure is ECB. Banks will add a margin of 1.5-2% to that.

I'd jump at 3%. Even if rates fell back a little below that (unlikely), the insurance of having a 3% rate for many years is well worth it.

If they are offering 10 years at 3%, I'd jump on it immediately. I wouldn't be waiting past the weekend as I suspect next week will see all banks change rates

Sunrise_Sunset

https://www.boards.ie/discussion/comment/119799964#Comment_119799964

I would second that.

Great rate to lock in for 10 years.

Boooourns

We called into PTSB just yesterday and asked for our options as we're on a tracker mortgage but they told us it would take about 2 weeks to send our options out to us. Can we do anything else instead of waiting as we had the ECB rise today and the banks will probably raise theirs before we get the options?

We have 10 years left.

Sunrise_Sunset

https://www.boards.ie/discussion/comment/119801464#Comment_119801464

PTSB will raise their fixed rates? If they do it'll be from X date, not immediately. And in the meantime they'll be sending out letters like these to customers and the letters will always state that the rates offered are until Y date, and you have until that date to return your signed form.

I think my letter took a week or two to arrive too, and that was before the ECB increases began.

Boooourns

https://www.boards.ie/discussion/comment/119801599#Comment_119801599

Ah okay, fair enough. Thanks for that.

Eoinbmw

Ring PTSB mortgage department, I had my letter in 4 days and fixed for 7 years at 3% 3 weeks ago.

walterking

https://www.boards.ie/discussion/comment/119801464#Comment_119801464

What is your tracker % over ECB.

If it's 1% or lower I'd stay on the tracker.

There will be a spike in rates for a short period of about 12 months and then they are expected to drop back and settle at 1.5-2%

Bass Reeves

https://www.boards.ie/discussion/comment/119802125#Comment_119802125

You also have to factor in how long is left on the tracker. The last of the trackers are generally 14 years now. Some trackers are 20 years. If you tracker is less than 5 years left fixing may be an option to think about as well

walterking

https://www.boards.ie/discussion/comment/119802436#Comment_119802436

yes, but still a 1% or lower tracker is worth keeping. If you only have 5 years left, the interest rate is less important as the interest part of your payment is drastically reduced and continues to reduce.

At 1.25% its borderline. At 1.5% its probably worth serious consideration and a tracker that is 2% or more over ECB has no value in today's market due to banks finally taking a smaller margin. The massive value in trackers was when banks were literally gouging non tracker mortgages with 4%+ variable rates when the ECB was 0% and offering not much better on fixed rates. Avant has changed this and now all banks offer reasonable value in fixed rates that are on average 1.5%-2% over ECB (but a lot lower at present)

ECB language also changed yesterday and market no longer looking at an increase in December and also commentators now think ECB may top out at 2.5% - 2.75% next year due to potential recessionary pressures and fall back in 2024.

But as we have seen, this forecast can change at anytime

Boooourns

https://www.boards.ie/discussion/comment/119803274#Comment_119803274

My current tracker rate is 2.93% and i've received a letter offering 3% for 7 years. No offer for 10 years.

walterking

https://www.boards.ie/discussion/comment/119844786#Comment_119844786

Take it tomorrow.

Bass Reeves

https://www.boards.ie/discussion/comment/119844786#Comment_119844786

Do your tracker was over 1.5% above CB rate. Or is it 1%.

If it's 1.5% I definitely take the fixed.

Boooourns

https://www.boards.ie/discussion/comment/119847904#Comment_119847904

Today we got our notification that the tracker is rising to 3.68% due to the recent .75% ECB rise.

Bass Reeves

https://www.boards.ie/discussion/comment/119854419#Comment_119854419

That tracker sounds like it's 1.5% above the ECB rate. I think you have 10 years left and they offered you a 3% fixed. It looks tempting

Boooourns

https://www.boards.ie/discussion/comment/119855012#Comment_119855012

Yeah I'll probably go with the fixed for my state of mind, just knowing my repayments going forward.

Cheers.

Cabaal

So we went with 3% fixed for 7 years, it was the longest term they were offering us.

ECB + 3.25% was a crap rate and in hindsight we should have change sooner, but at least we have stability for the next 7 years now.

walterking

https://www.boards.ie/discussion/comment/119864301#Comment_119864301

and more money in your pocket too from next month and for at least the next 7 years!