A number of banks have announced mortgage rate increases today. PTSB are raising their variable rates by 1% and will no longer offer fixed rate options to customers.
Ulster Bank have just announced an increase of 0.5%. Other banks are expected to follow the Ulster Bank move. The PTSB rise of 1% is extemely disappointing news for its customers. Over the past 2 years this bank has consistently charged higher than market rates and is clearly set on continuing this policy.
PTSB variable rate holders who are affected by this rise can only consider switching to another lender if they satisfy the following criteria:
- The mortgage balance must not be greater than 80% of the current value of the their home. In practice it is likely that mortgage holders falling into this category will have taken out their mortgage prior to 2003.
- The maximum amount that one can remortgage for is approximately 4 times their gross income.
- As is the case with all new mortgages, normal lending criteria and a good credit history is necessary.
If you want to apply for a remortgage please complete our online application. We will update our site as new rate information comes to hand.