PTSB making it harder to dodge quarterly fees

Sarn

No need to have a current account with your mortgage provider unless they offer you a discount (like KBC).

cadger1978

May be of use to some here. Recently had a bank rep inform me that charges will be forthcoming for Switch accounts. Looking for some confirmation I went to the local branch and they confirmed that charges will be coming on switch accounts soon. Nothing in writing, but they did say customers will be notified as there is an internal project already underway.

Autecher

dotsman wrote: »

Wait a second - you are getting your mortgage from PTSB, so likely paying thousands of euro more than you should be every single year compared to other banks, but are worried about a few quid in C/A charges?

Forget your current account. Do yourself a huge favour and put your due diligence in to choosing a decent mortgage provider.

Thank you. Though PTSB have worked out to be one of only 2 banks which would lend me even close to the money I wanted to afford anything half decent, AIB were the other bank. As I said I have a relatively low mortgage as I will be using some of my own savings to pay for the apartment. Off topic but I was surprised by the low offers I was getting since I have an excellent credit rating and savings history though I would say I earn OK money so that may have been what went against me.

Due diligence was well done I can assure you
I’m fine with the repayments, for me they actually are lower than some other banks.

dotsman

Autecher wrote: »

Thank you. Though PTSB have worked out to be one of only 2 banks which would lend me even close to the money I wanted to afford anything half decent, AIB were the other bank. As I said I have a relatively low mortgage as I will be using some of my own savings to pay for the apartment. Off topic but I was surprised by the low offers I was getting since I have an excellent credit rating and savings history though I would say I earn OK money so that may have been what went against me.

Due diligence was well done I can assure you
I’m fine with the repayments, for me they actually are lower than some other banks.

OK, I understand if you are not able to get a mortgage from the other banks. But you did say AIB would approve you? Their interest rates are not just lower than PTSB, they have been consistently lower for the past 10+ years. Therefore are more likely to remain lower for the foreseeable future (after all, there is no way to guarantee that whatever bank is cheapest today will continue to be cheapest throughout the life of the mortgage, but 10+ years of consistency is a good start!). Even if your mortgage is small, this will likely be hundreds of euro of a difference per annum. And with AIB your current account is free if you have a mortgage with them. So is there a reason why you are not going with them?

What interest rate are PTSB offering you and what is the LTV?

wonski

With 10 euro back from your mortgage repayments every month switching to explore account makes sense. Just use your card regularly to make another 5 euro back each month and you have 9 euro back in your pocket each month for nothing.

They pay you, not the other way around.

Autecher

dotsman wrote: »

OK, I understand if you are not able to get a mortgage from the other banks. But you did say AIB would approve you? Their interest rates are not just lower than PTSB, they have been consistently lower for the past 10+ years. Therefore are more likely to remain lower for the foreseeable future (after all, there is no way to guarantee that whatever bank is cheapest today will continue to be cheapest throughout the life of the mortgage, but 10+ years of consistency is a good start!). Even if your mortgage is small, this will likely be hundreds of euro of a difference per annum. And with AIB your current account is free if you have a mortgage with them. So is there a reason why you are not going with them?

What interest rate are PTSB offering you and what is the LTV?

AIB were the closest to the PTSB offer but it was still a good bit less. I wouldn’t have been able to afford the apartment I am buying now on any other offer but the PTSB one. Trust me dotsman I am like a shark with blood when it comes to my money, that’s why I have been able to save so much on OK money, I am a tight git! :pac:

Thanks for the concern though but unfortunately for me it was PTSB or buy some really cheap place very far away from work.

Autecher

wonski wrote: »

With 10 euro back from your mortgage repayments every month switching to explore account makes sense. Just use your card regularly to make another 5 euro back each month and you have 9 euro back in your pocket each month for nothing.

They pay you, not the other way around.

I didn’t know that about the card, thanks wonski. As explained above I am a tight git so i’ll probably go with the Explore Account.

Thanks!

Rock Steady Edy

Autecher wrote: »

As explained above I am a tight git so i’ll probably go with the Explore Account.

There's nothing wrong with preferring to spend your own money on better things than unnecessary charges. If you have a DD with Sky, switch that over to PTSB as you'll get 5% back too.