pTSB interest rate hike

fcdub

Has anyone else had enough of all these hikes from PTSB :mad:? Its gone beyond a joke.

Iago

why?

fcdub

another 1% coming down the line for all variable mortgage holders is the talk on the radio today. So if you have a 300K mortgage thats an extra 200 quid a month!

Speak Now

Thats a big increase if true :mad:


When ECB rates starts rising do the bank add it to the variable immediately or just the tracker?

fcdub

I honestly dont know!!! I can only hope tracker only, but I doubt it!

Iago

I saw that, but what I don't get is why you or anyone else thinks it's beyond a joke?

Speak Now

Iago wrote: »

I saw that, but what I don't get is why you or anyone else thinks it's beyond a joke?

I wish it was a joke

bryaner

Jerry Seinfeld wrote: »

Thats a big increase if true :mad:


When ECB rates starts rising do the bank add it to the variable immediately or just the tracker?

Variable and trackers will get hit when the ECB put up their rates..:(

fcdub

Im not speaking literally. What I mean is that it is a really really serious situation for people and that PTSB know this and they know people will lose there homes if they keep pushing up rates, even though the ECB isnt rising. I know they dont borrow at the ECB ate etc etc.

Iago

fcdub wrote: »

Im not speaking literally. What I mean is that it is a really really serious situation for people and that PTSB know this and they know people will lose there homes if they keep pushing up rates, even though the ECB isnt rising. I know they dont borrow at the ECB ate etc etc.

Everything apart from the bold in this discussion is irrelevant.

If you're running a business and you are paying 7.5% on money you borrow and then charging 3.5% on money you lend then you won't be long about going out of business. This is all basics, at one point in the 80's mortgage interest was up around 18% or so because that was the only way the banks could make money and remain in business.

6-8% mortgage interest is probably around standard and where we will probably end up over the next couple of years imo

pyzon

yes 1% on the way, adds 120 to our mortgage and with the 120 extra taxes each month that's approx 250 down a month, 3k a year less money in our pockets and less to spend...<self-edited to remove the irrelevant part of the post keeping somewhat to the topic >

fcdub

Well I disagree (Iago). The banks pushed the property market with cheap money and didnt stress test people correctly. They created the situation. The government failed to regulate this and are taxing people to save the banks (pTSB is non NAMA I know but pTSB customers are still propping up the other banks) and now the individual loses. I dont think its as simple as you make out.

Speak Now

bryaner wrote: »

Variable and trackers will get hit when the ECB put up their rates..:(

So all those that chose varibale over tracker in the past were doomed from day 1?

bryaner

Jerry Seinfeld wrote: »

So all those that chose varibale over tracker in the past were doomed from day 1?

Kinda, thats why trackers aint obtainable anymore..

Speak Now

So my new variable will be 5.55% :mad:

danbohan

fcdub wrote: »

Well I disagree (Iago). The banks pushed the property market with cheap money and didnt stress test people correctly. They created the situation. The government failed to regulate this and are taxing people to save the banks (pTSB is non NAMA I know but pTSB customers are still propping up the other banks) and now the individual loses. I dont think its as simple as you make out.

where were the banks selling these mortgages , kindergartens ??

fcdub

It really is shocking news.:mad:

fcdub

very funny danbohan! Youre a a funny guy. Im sure lots of your friends and family are in the same boat. Youre probably a financial guru who signed up to a tracker as you knew they were the only show in town due to your immense financial knowledge.

danbohan

fcdub wrote: »

very funny danbohan! Youre a a funny guy. Im sure lots of your friends and family are in the same boat. Youre probably a financial guru who signed up to a tracker as you knew they were the only show in town due to your immense financial knowledge.

its nothing to do with trackers or otherwise mon ami , its to do with basic common sense . anybody that did not realise that interest rates of 2% or 3% or 4% were not normal could not continue was childish in the extreme , an average interest rate of 8% to 10% over the life time of the mortgage should have been what people were budgeting for , but no , many got greedy and over stretched themselves by a wide margin and now its all the banks , politicians , developers fault !!!!

Gunsfortoys

Nobody was forced to take a mortgage out.

Speak Now

danbohan wrote: »

its nothing to do with trackers or otherwise mon ami , its to do with basic common sense . anybody that did not realise that interest rates of 2% or 3% or 4% were not normal could not continue was childish in the extreme , an average interest rate of 8% to 10% over the life time of the mortgage should have been what people were budgeting for , but no , many got greedy and over stretched themselves by a wide margin and now its all the banks , politicians , developers fault !!!!

And paycuts,job losses,tax hikes etc etc

BostonB

Certainly people were foolish to take out mortgages and not allow for increases in interest rates, or income failing, if one partner was out of work which is likely at some point. But even those careful people are going to caught badly in the current crisis. Which is worse than even they predicted.

fcdub

I stand corrected (danbohan). Its not the banks fault, I see that now. The regulator did a great job to control the bubble. He also kept a keen eye on the practices at Anglo.

We better tell our friends in France that their interest rates, that have been stable for the last 20 years at between 3 and 5 percent that they are about to double! They probably dont know.

My goodness its all so clear now. The public should regulate the financial industry, theres no need for watchdogs, we could save a fortune for the state! Its the publics fault when things go wrong and taxes skyrocket because we have to borrow 85 billion from the IMF.

Thanks for pointing out that interest rates could only go one way, I had no idea.

I think my problem, apart from being totally stupid, was that I didnt see unemployment going through the roof in three years, I didnt see the major tax increases coming!

If only I had spoken to you guys before. You must have made a fortune on spreadbetting. Oh know youre not greedy!

danbohan

Jerry Seinfeld wrote: »

And paycuts,job losses,tax hikes etc etc

all part of life i am afraid

Speak Now

BostonB wrote: »

Certainly people were foolish to take out mortgages and not allow for increases in interest rates, or income failing, if one partner was out of work which is likely at some point. But even those careful people are going to caught badly in the current crisis. Which is worse than even they predicted.

Very true, i suppose if you look at ever thing that could happen over the life of a mortgage no one would ever take one out.

Speak Now

danbohan wrote: »

all part of life i am afraid

Thats my point.

BostonB

Gunsfortoys wrote: »

Nobody was forced to take a mortgage out.

Theres a difference between taking out a mortgage and being sold a completely inappropriate mortgage.

bryaner

Have a mortgage myself and it's tough, but I'll get trough it.

Renting was never for me as your house is not your home.

Cheer up fellow mortgage holders there is light at the end.

fcdub

Positivity! I like it.:) We'll get there alright but we do need to push back on these guys. We shouldnt allow them to walk all over us.

noworries

BostonB wrote: »

Theres a difference between taking out a mortgage and being sold a completely inappropriate mortgage.

what is an 'inappropriate mortgage?'

Did the punters not flock to the banks with their application forms filled out
with their proof of earnings and their evidence of savings?

Did the punters not queue overnight to sign on the dotted line for the off-plan money making bonanza.

Did the punters not rejoice when they launched the Hermes bag of dreams
in BT's and queued around the block to get their grubby little manicured hands on it..

You reap --- oh you reap - what you sow. The piper WILL be paid.

fcdub

very deep