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TSB Mortgage Rates

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  • 17-02-2009 7:31pm
    #1
    motherfunker
    Closed Accounts Posts: 397 ✭✭


    We have a mortgage with the TSB for the past 5 years, we also took out another smaller mortgage 2 years ago using equity release. We took this on a fixed rate and also fixed our main mortgage on a fixed rate of 5.1%. We recently rang to see if there was a penalty for changing to a variable rate and were told there was no penalty for this so we asked them to change it. We did this in writing as requested and recieved a letter a few days later telling us the new rate we were on and what our new monthly repayment was to be. For some reason the smaller mortgage was on a lower rate than the main mortgage, I think the figures are 4.15% and 4.45%. When we asked about this we were told they were different products and were subject to different rates.
    Is this the case?
    Today the small mortgage came out of our account at the supposed new rate, we were told our new payment was in the region of €80 pm less, this stated that this included insurance. However the amount taken out today was only €17 euros less, when my wife rang to see what the story was she was told somebody had made a mistake and the figure we recieved in the letter did not include insurance.
    I am not sure about how mortgages are calculated but I cannot understand how a 1% reduced rate can only give us a €17 saving, this is on a €40,000 mortgage.
    Can anybody advise me on this, any information would be greatly appreciated.
    Thanks.


Comments

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    #2
    Kev.
    Registered Users Posts: 927 ✭✭✭Kev.


    Hi

    Same thing happened to me last month

    Basically got out of a fixed

    I got a rate of 4.05 after last drop on 13 feb from 5.?

    On 300000 my repayments are 1430 now a drop from 1650

    so saving 230E but thats on a mortgage of 8 times yours=230 divide 8 =28euro

    so it looks okay to me

    Hope this helps

    My advise follow me out away from PTSB and go to to AIB

    Kev


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    #3
    motherfunker
    Closed Accounts Posts: 397 ✭✭motherfunker


    Since I posted earlier my wife has found out we are paying 3 different insurance policies on the 2 loans, totaling €150 pm, the guy in TSB HQ said this sounded excessive but he couldent/wouldent give us any advice on how to reduce this amount.
    Between my wife and I we have been on the phone to TSB 4 times and each time we have come off the phone completely annoyed at the way we had been dealt with, this kind of "we dont give a **** about you" tone to their voice.
    We had already been in contact with AIB about switching but today sealed the deal, we will be gone from TSB as quick as the laywers will let us.


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