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PERMANENT TSB HAS announced a new mortgage deal for those in negative equity which will allow them to trade up or down from their current homes.
The initiative will also enable customers with tracker interest rate mortgages to move home without losing the much-coveted product. However, they will have to pay a small premium.
According to the lender, many homeowners are excluded from the market because they do not want to relinquish a tracker interest rate mortgage. Until now, anyone wanting to sell their house to buy a new one, had to take up an entirely new mortgage at market rates.
Those in negative equity are also excluded because they cannot finance the negative equity part of their mortgage to buy a new family home.
Under the plan, mortgage holders can sell their existing home and buy a new house by transferring the negative equity on the former property to their new home.
Limits will apply to the amount that customers who are in negative equity may borrow in the event of trading down or trading up (175% and 125% respectively of the value of their new family home).
Permanent TSB said that customers can start making inquiries about its new products, which have been described as ‘breakthroughs’, from early May.
For those with tracker mortgages, the new tracker interest rate (the old one plus 1 per cent) will continue for the full term outstanding on their current tracker mortgage.
If the first mortgage amount does not cover the full purchase price of the new property, new mortgage business rates will apply to any additional borrowings.
CEO Jeremy Masding claimed the initiative reflects PTSB’s “determination to find solutions that can help the market function better and that are fair to both customer and bank”.
While other banks have similar deals in place, PTSB says its one is the first that covers the whole mortgage term.
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If only Ulster Bank would do the same.
We are 100k negative equity with two good jobs and can well afford our mortgage, thankfully.
We want to move, trade up but we are stuck where we are as we don’t have the 100k to cover the negative equity and we’d lose our 75bp tracker.
Ha and who’s fault is that? “the banks” ???
Don’t make me laugh
They’re not the only ones. Seems to me if you’ve not missed any payments are on a tracker and want/need to move house for work etc. Forget it you’re the last person they want walking in. They’re splitting mortgages and writing off portions for some then others who simply want to move without even borrowing more money in some cases are stonewalled.
You might be alright there Random Commenter. Maybe PTSB will take it on if you meet criteria. Not aeeing anywhere that you have to be a customer of theirs.
If you consider how the banks were a prominent member of the golden circle that grotesquely overvalued their property in the first place, then yes.
Who mentioned blame or fault? Other than yourself?
@ BB
ask these chaps
http://www.independent.ie/irish-news/bank-hands-out-300000-to-customers-over-tracker-mixup-28902102.html
They are making a living out of getting tracker back for people.
Sorry BB that was meant as an answer to your comment below.
Bingo same lender, same rate, same negative equity issues.
Very courageous statement from a man who uses an actors profile pic.
Applicants would have yo be on a fantastic wage to carry over neg-equity on top of a new mortgage.
Could be an even bigger risk for PTSB.
All the families stuck in apartments it’s a glimmer of hope at least to get a house now before the prices get too high again.
All Families who freeload and don’t take responsibilties for their actions you mean?
Who do they think they are refusing to pay their mortgages,i can’t wait until the repossesions kick in
Roll on the repos
OMG !! Youse have lost the run of yourself ..lo lol last night I wanted your pillow ..lol because of your sweet dreams ..loil Oggie doesn’t want that pillow anymore ..lol youse are with the birds ..lol What are youse on about …lol I’s has tears running down my eyes lol even wife no4 is crying ..lol
Families in most of Europe live in apartments, it’s hardly a tragedy.
You try entertain 2 kids every day that doesn’t cost a bomb on an already decimated wage…Ireland is not exactly over flowing with free or cheap days out and the estates these apartments are built in you wouldn’t let them out in the street to play the way we did or the way I let my son do when I lived in Spain.
Good luck to them finding that new home if they live on the eastern seaboard.
Nama,the banks and councils are currently sitting on 1000′s of homes on the eastern seaboard trying to create a false bubble.
It will be interesting to see how this plays out,
seeing that the ECB interest rate is currently virtually zero (0.25%) thus the only way for mortgage interest rates to go from here, is up.
Great news for a lot of people. The next step will be for the government to fix the housing crisis as this will only make it worse. Those like myself looking to sell an apartment and buy a house will increase ten fold.
The 175% mortgage.
PTSB have really have outdone themselves this time.
When trading down
Hashtag goonshow
I sees debt people ..lol lol keep your tracker , as is ..lol they aren’t helping youse , lol they are helping their books ..lol I sees debt people ..lol
If they have all this extra money to throw around, I wish they’d put some of it into re-opening a few branches, or at least doing a deal with the Post Office or somebody to do transactions.. Have to go at least fifteen miles to visit their nearest branch now.
Move to dublin then
Woh. You just blew my mind.
If anything they should close branches.
Whats the use in paying two people 30k a year to process transactions that the bank doesnt charge for?
Absolute Disgrace
These freeloaders will meet their match and i pray to god that they have nothing but bad luck
Well little do they know the biggest crash in history is just around the corner and when that happens
Roll on the Repos,let the freeloaders borrow again and become buried in debt i can’t wait
Jaysus. What the hell happened to you as a child?
I was brought up to accept responsibilty for my actions and decisions
Not blame them on somebody else
What in God’s name are you rambling on about , Rambler ?!?!?!
In all fairness, don’t try and convince us that you were brought up when, after those comments you made, it’s clear you were dragged up. Disgusting comments from an obvious 13 year old troll.
I agree Jeremy.
House prices are falling again it’s the best news this year so far!!
@ Joe
I am 24 years old and have saved up 65k(will be 80k by Feb 2015) and i will be buying a repossessed property,judge me all you want i don’t care.It’s not my fault some foolish people gambled during the boom while i was working full time and studying part time to better myself.
They don’t own it until the mortgage is paid off and if they refuse to pay it i will gladly take over the repayments,im just waiting for a good deal.
Game on
Nice one Jeremy, totally agree.
And your mammy still making your piece for you! Delighted you managed to save all that money while your parents were keeping you…be interested to see how easy life is for you once you actually have to PAY A BILL!!!
Ha Ha
Daveyboy
Complimenting yourself again?
Havent bought yet lad(s)?
Don’t be wasting your time posting here lad(s).
Get out there and buy , buy, buy!!
Don’t want you to miss the boat now.
Plenty of estate agents out there very anxious to get their fingers on your little nest eggs.
Spot on Vicky.
Get your shoulder to the wheel Jeremy.
We need young guys like you to pay up your share of the property tax and national debt bill.
Come on brother, lend a hand.
@ Vicky i lived in OZ for ten months as part of a project for the company I work for in Ireland.
So i paid alot of bills, all more expensive than the ones in Ireland may i add
Jealously gets you nowhere,it’s not my fault i had my head screwed on since my early teens and am doing better than you
10 months? Aren’t you a proper grown up?? Smh
It was a 10 month contract i was only there for work
Sorry that i am not as old as you are and didn’t spend 10 decades over there.
10 months.
“A crusader”
“You my 24 year old saver have earned the right to call hundreds of thousands of families Freeloaders”
“Quick, One of you penniless peasants offer up your abode to this fine warrior”
“Somewhere near his Mammy”
10 months in OZ,14 months in Germany and Zurich combined and a few other short trips to London.
I suppose it isn’t that impressive for a 24 year old but with other trips planned for the next five years i will have lived in most corners of the globe all while getting paid for it.
AND PURCHASING REPOSSESSED PROPERTY WHILE IM AT IT
You forgot your maniacal laugh there!
I wasn’t commenting on your situation, just your disgusting attitude towards struggling families. I hope you do better yourself by what your about to do. But take a step back from your pedestal and think of those who’s only fault was they were born 10 years older than you.
And saving 65k at 24 years of age, presuming you entered college at 18 and done 3 years minimum, left and walked into a job paying enough that you saved 65k. Hmmmm.
OOH Fcuk Me
And 14 months in Germany??
Genghis Khan is home!!!
Quick, lowly peasants!!!
Your master has arrived!!!
10 clean virgins!!!
A wild boar on the spit!!!
6 barrels of mead!!!
And a maisonette in Terenure with 12 rolling square meters for your new King!!!
Long live the King!!!
AHHAHAHAH you JEALOUS people crack me up! ah-hahaha you are hillarious! You are soo angry and jealous of Jeremy, who’s a good hard working lad. Just like myself.
Now I’m early 30′s but I have saved six figures and have a 60k job from working hard all over the world just like Jermey, we are the future you this country, so take not old people. Perhaps we will buy your measly homes from you when you kick the bucket haha
Sorry mate.
No one kicking the bucket around here anytime soon.
Have you and Jeremy ever thought of hooking up?
You could put your savings together and buy a bedsit in Tallagh?
You’d only need a small mortgage.
You’d save a fortune.
Jeremy Rimmer said: “I was brought up to accept responsibilty for my actions and decisions”
Looking at your comments, my cat has ‘brought up’ more sensible things than you.
HOUSE PRICES ARE FALLING AGAIN AND JOURNAL.IE IS NOT REPORTING IT!!
Are you sure that you are on the right article Rimmer?
Ohh my sincere apologies, I meant to say Rammer.
OMG !! I’s am seeing things ..lol lol Youse are better off staying in your shoebox ..lol do’s not moves peoples ..lol lets them buy those trackers off youse ..lol I can sees whats happening …lol
lol…lol
Ulster bank have been doing tracker porting for a while now… You get to keep your tracker and move house paying a variable rate on any top up needed..
PTSB the bank that has the Financial Ombudsman’s office clogged up with cases where they tried to con people out of their tracker.
What do you think ehh?
Another sneaky way to put the mortgage holder on the back foot while interest rates are at historic lows?
I wonder what Morgan Kelly and David McWilliams are saying about this “deal” ?
Con people out of their trackers?
Do go on please?
I’s will hold onto my tracker baby ..lol If bank wants it , youse comes and buys it ..lol € 200,000 mortgage over 20 yrs ,Oggie will be saving €51,000 ..lol I’s am no fool ..lol lol
@ BB
ask these chaps
http://www.independent.ie/irish-news/bank-hands-out-300000-to-customers-over-tracker-mixup-28902102.html
They are making a living out of getting tracker back for people.
But that article is about Ulsterbank.
Not PTSB.
The’ve handled a lot of cases for PTSB customers as well.
Long story short, customers who were contractually supposed to go on trackers post their fixed periods were denied there trackers by PTSB and other banks.
To make the situation worse
PTSB cold called 1000′s of their fixed customers a 5 years back (2009ish) who were mid way through their fixed period.
They offered these customers a “lower standard variable rate option”, “with no penalties for leaving their fixed rate early” (something that is extremely rarely offered by a bank ever).
A lot of these people took up this “offer” (some being led to believe that they were reverting to their original tracker rate) as soon as they accepted the “offer” PTSB started to aggressively increase their Standard Variable Rate (up to 7% in some cases) financially crippling a lot of these customers.
All this in-spite of the fact that these customer’s original contract stated that after a fixed period, their mortgage must always revert back to their original tracker rate.
The way it stands at the moment
is
These customers have won their cases with the Financial Ombudsman
Inspite of that PTSB have appealed it to the High Court
And Lost
The Last I heard of it was a few months back, when PTSB were appealing the decision in the Supreme Court.
So this is what PTSB and many of the other banks were doing to “help” their customers out, after it bust itself and after it assisted in busting the entire country.
And
after “lending” €7 billion (all of their customer’s savings) to the corrupt and most likely criminal Anglo Irish Bank.
5 years on and PTSB is still squeezing these unfortunate customers.
Some of them must be dead at this stage.
@ Gathering
These ” families” gambled and acted out of pure greed taking out a mortgage they knew they couldn’t pay back should they lose their jobs etc.
It’s not my fault people didn’t think things through when taking out these loans,they were to busy trying to keep up with the jones’s that’s what they were doing and i couldn’t give a flying **** what happens to them.
The people who have good careers and deposits saved up are the life blood of this economy and are entitled to property that freeloaders refuse to pay for.
I personally can’t wait to purchase my first one iv’e been keeping an eye out ill buy in the near future,don’t worry i won’t be an idiot about it and bite of more than i can chew.
I’ll be purchasing with a 75% deposit and will get a repo in the capital,im getting goosebumps already
You are assuming an awful lot aren’t you?? Not everybody gambled, not everybody isn’t paying their mortgage and not everybody’s circumstances didn’t change! It’s not all greed and it’s not all about shirking responsibility but if you had grown up or matured in anyway while on your holidays at playing grown up you wouldn’t be so quick to jump on other folks misery and gloat…not a nice trait in a person. Hope your mammy is proud of her rich but mean son cos I for one would rather my son had compassion for his fellow human than rubbing his hands with glee.
Ever consider undertaking Rimmer?
Ohh my sincere apologies again, I meant to say Rammer.
Jealous gets you nowhere Vicky and Gathering.
;-)
You’ve got it in one Daveyboy.
I’ve always had deep rooted fantasies of buying a Noisy,Filthy, Cockroach Infested,Firetrap Squat, In a Slum Landlords, Building in Dublin 1 just like Jeremy.
Feck that fcuking 2 Acres in a nice country area Sh1te!!
Who wants that fresh air and tranquility crap anyway??
Stop feeding.
Who want’s to be a backwards bogger with nothing but damp fields everywhere haha
How about announcing a new deal for first time buyers. Virtually impossible to buy such are the new rules
We recently ported our tracker with ulster bank. We had to pay the negative equity on the property & the new variable rates were pretty high on the additional mortgage. They said you cannot take a mortgage out on the negative equity as current banking rules state – so I’m not sure this is accurate reporting. Ulster bank have recently applied a 5 year rule that allows you to keep the tracker only for 5 years.
The menial jobs you do as a teenager does not define your career silly boy!
You can’t even comment correctly haha dumb
Don’t go full potato joe
Where did i say i went to college full time?
I have been working since i was 14 and studying part time since i was 18 so i have been working ten years so theres your 65k if you struggle to believe that’s achieveable, then i’m seriously worried about your well being
What is your job? Cos I worked in ice cream vans and chip shops when I was 14 earning buttons and my first real job was when I was 19 that I could put anything away…genuinely how did you do it cos if it’s something we can do or at least help our kids do then spread the knowledge. Maybe we can help the next generation not make our mistakes. So please really how did you do it?
Vicky you are not going to earn e65k by working in menial jobs no matter how hard you work. You are just inferior compared to Jeremey
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