PTSB - Offer to switch to Managed Variable Rate

Gangu

We have a mortgage with PTSB. We got this letter offering us a free valuation of the property and a switch to their MVR product. I got the valuation done, but now am uncertain. Something doesn't seem right. Why are they proactively paying to reduce the amount that I pay them at the moment? What am I giving up in the switch that they want to take back? I cannot see the business rationale from the bank's point of view. It makes me very suspicious.

I am not on a fixed or tracker mortgage. We took the mortgage out about 1.75 yrs ago and its a normal variable mortgage. Anyone have any observations?

Decoda

I too have been offered the same by PTSB and am curious to hear other opinions on this offer. I am 4 years away from completing the term of my mortgage and am wondering if there is any downside to this offer. Using the online calculator on the PTSB website, if I take the new offer I will save a little over €600 on the remaining term assuming rates stay at there present level, approx €12 per week. Every little helps but is there any hassle within taking up this offer?

Ganga, did you have any issues using the voucher for the free valuation? Did it cover the full valuation fee and is there any other associated costs with taking up their offer?

Thanks

DC

OU812

Banks will NEVER give you something that doesn't benefit them first.

PTSB, the bank that conned thousands out of replacing their tracker mortgage & then kept increasing the variable rate. Stay well away is my advice.

homer911

OU812 wrote: »

Banks will NEVER give you something that doesn't benefit them first.

PTSB, the bank that conned thousands out of replacing their tracker mortgage & then kept increasing the variable rate. Stay well away is my advice.

???

The only benefit this is to PTSB is that it gets the Minister off their backs regarding their SVR. There is no downside to the consumer. Even Brendan Burgess of askaboutmoney, who is a regular critic of the banks, agrees.

tommyboy2222

homer911 wrote: »

???

The only benefit this is to PTSB is that it gets the Minister off their backs regarding their SVR. There is no downside to the consumer. Even Brendan Burgess of askaboutmoney, who is a regular critic of the banks, agrees.

What if you move to a MVR of 4.3% and they reduced the SVR ( currently 4.5%)
to a lower rate (eg 4%) ?

kelly1

Seems like a good deal for people with low LTV.

https://www.askaboutmoney.com/threads/ptsb-reduces-mortgage-rates-for-existing-customers.194611/