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Getting out of a fixed rate - PTSB ?

radar0976 · 2015-09-21 10:26:45

With all that's going on at the moment it seems very difficult to get some solid information about options for mortgage holders. I'm lucky enough to have a property with less than 50% LTV. However we fixed for 10 years (seemed a good option at the time) and have 7 years of the fixed term left. We recently received a letter…

21-09-2015 11:26am

#1

radar0976

Registered Users, Registered Users 2 Posts: 433 ✭✭

Join Date: May 2007

Posts: 327

With all that's going on at the moment it seems very difficult to get some solid information about options for mortgage holders.

I'm lucky enough to have a property with less than 50% LTV. However we fixed for 10 years (seemed a good option at the time) and have 7 years of the fixed term left.

We recently received a letter offering MVR (Managed Variable Rate) but upon enquiry I got different information from different people. The latest information I received over the phone from PTSB is that it would cost "about €20,000" to break out of the fixed rate.

From some commentary on the radio it would seem that the banks are no longer allowed to do this and with a good LTV we should be allowed to move off the fixed if we wish ?

Does anyone know what the most up to date information is in this situation ? It seems to be different answers depending on who you're talking to.

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