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PTSB Managed Variable Rate?

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  • 22-07-2016 12:07pm
    #1
    CruelCoin
    Registered Users Posts: 4,468 ✭✭✭


    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.


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    #2
    Iamhere
    Registered Users Posts: 253 ✭✭Iamhere


    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%?


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    #3
    Hasmunch
    Registered Users Posts: 929 ✭✭✭Hasmunch


    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.


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    #4
    CruelCoin
    Registered Users Posts: 4,468 ✭✭✭CruelCoin


    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.


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    #5
    notharrypotter
    Closed Accounts Posts: 1,112 ✭✭✭notharrypotter


    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?


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