PTSB Managed Variable Rate?

CruelCoin · 22-07-2016 12:07PM #1

Hi all,

I recently received a letter from my mortgage lender PTSB offering me a move to their new managed variable rate.

In a nutshell it links loan-to-value (LTV) in determining your interest rates.

My own LTV is around the 55% mark (80k outstanding on house worth approx 150k), so i would qualify for a hefty reduction 4.2%ish down to 3.2%ish.

BUT! There is no such thing as a free lunch. They are not offering me a way to save money out of the goodness of their hearts, so my question is this:

1 - What is the catch? Am i locked into not being able to repay the mortgage earlier? Am i unable to sell the home in the meantime, etc etc.

Anyone here have any idea what the downsides are? I don't want to get caught out by fineprint that screws me in the future...

Regards,

CC.

Iamhere · 22-07-2016 12:15PM

No catch did this myself last year. It was a reaction to government pressure I believe

Is the rate for ltv 51-60% not 3.80%?

Hasmunch · 22-07-2016 12:45PM

The 3.3% would be for a year as you are considered new business and then it would go back up to 3.8%.

And as far as i know there are no catches. AIBs rates work out better though.

CruelCoin · 22-07-2016 12:48PM

Iamhere wrote: »

Is the rate for ltv 51-60% not 3.80%?

Not sure, don't have the letter in front of me. Just pulling figures out of my terribad memory for illustration.

notharrypotter · 22-07-2016 02:08PM

Hasmunch wrote: »

The 3.3% would be for a year as you are considered new business and then it would go back up to 3.8%.

.

They currently have a mortgage with PTSB, so how would they be classified as new business?

PTSB Managed Variable Rate?

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