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Mortgage condition query

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  • 30-05-2023 5:05pm
    #1
    helimachoptor
    Moderators, Science, Health & Environment Moderators Posts: 21,640 Mod ✭✭✭✭


    Hi guys, I have a 2007 mortgage from PTSB, ECB + 2.25 😐️

    I have a condition in the mortgage documentation that states

    "The amount of the percentage over the ECB will depend on the amount of the loan".

    Would the view that the rate will chang eas LTV ratio changes or that its fixed based on the original mortgage balance?


    Thanks



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    #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,998 Mod ✭✭✭✭Jim2007


    It depends on the context of the phrase within the document.



  • Options
    #3
    helimachoptor
    Moderators, Science, Health & Environment Moderators Posts: 21,640 Mod ✭✭✭✭helimachoptor


    https://www.boards.ie/discussion/comment/120659125#Comment_120659125

    theres 4 statements on the page this is the only part that references the rate the bank will charge above Ecb so it’s pretty contextless tbh



  • Options
    #4
    Q&A
    Registered Users Posts: 554 ✭✭✭Q&A


    Most likely the wording relates to how the margin over the ECB rates was determined. I.e., as a function of the original LTV. I doubt it has anything to do with your current LTV.



  • Options
    #5
    walterking
    Registered Users Posts: 1,297 ✭✭✭walterking


    2.25% over ECB is not good. Your tracker has no value and you may find some fixed rates better value.

    8-12 years ago when banks were charging non tracker customers 4%-4.5% over the ECB rate, even on fixed terms, it was good, but these days it's easy to get fixed rates well below this.


    The ideal time to change was last year, but there are still better options out there than a 2.25% tracker



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