Your Mortgage Rate FAQs

We have compiled some Frequently Asked Questions below that will help you get more informed about what it means to be a PTSB Mortgage Loan customer. Please select the most relevant FAQ section in the box below that relates to your specific query.

How can I change my Mortgage from Variable to Fixed Rate now that my Mortgage is with PTSB?

You can contact our Mortgage Operations Department on 0818 200 120 or +353 061 232 717, Monday to Friday, 9am to 5pm to request a Product Options Letter. 

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I have an Ulster Bank Managed Variable Rate. Will this rate change when my Mortgage transfers to PTSB?

Your current interest rate is an Ulster Bank Managed Variable Rate (MVR) and this is not impacted as a result of the transfer of your loan to PTSB. However, should you choose, at any point to switch your loan to a different interest rate, please note that you will not be entitled to revert back to this MVR in the future.

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I have a Fixed Rate Mortgage with Ulster Bank. Will my rate be the same now?

If your current interest rate is an Ulster Bank Fixed Rate this is not impacted as a result of the transfer of your loan to PTSB. However, please note on maturity of your Fixed Rate, you will be provided with PTSB interest rate options to choose from, and you will not be provided with Ulster Bank interest rate options. 

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Will the Standard Variable Rate applicable to my loan remain the same?

No. In order to align with PTSB’s more favourable Standard Variable Rate (SVR), you will benefit from a reduction on your underlying base interest rate, effective from the Transfer Date. This will be applied shortly after transfer. Your rate will be reduced by 0.35% effective from the Transfer Date. We will write to you separately to confirm what your new monthly repayment amount is, which could be different as a result of the interest rate change.  Depending on your due date, this letter may have already been issued to you.

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My loan is currently on a Discounted Standard Variable rate. Will I retain the discount margin associated with this rate?

If your interest rate is a Discounted Standard Variable Rate, you will be able to retain the discount margin associated with this rate while you remain on this current rate product.  However, should you choose at any point to switch your loan to a different interest rate type product (e.g. a Fixed Rate), you will not be entitled to revert back to this Discounted Variable Rate in the future.

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I received notification from Ulster Bank that my Fixed Interest Rate period will be ending soon. What are my options?

On maturity of your Fixed Rate, you will have the following options:

  • You can still choose from the Ulster Bank interest rates as outlined to you in Ulster Bank correspondence up to the expiry date of your current Fixed Interest Rate period even though you are no longer a customer of Ulster Bank.  After this date, if you have not chosen a new interest rate, you will only be able to choose from the PTSB interest rate options.
  • If you wish to choose an Ulster Bank interest rate, please contact them directly on 0818 210 275. Ulster Bank will in turn notify PTSB of your interest rate selection and we will apply the Ulster Bank rate chosen to your loan.
  • Alternatively should you wish to, you can avail of interest rates on offer from PTSB. We will write to you when your Fixed Interest Rate expires with the interest rate options available to you. Should you wish to select one of these interest rate options, you will be provided with a 30-day grace period for you to confirm your choice, and PTSB will not levy a Fixed Rate breakage fee. Full instructions for this interest rate selection process will be outlined to you once your Fixed Interest Rate expires. If you wish to review PTSB’s interest rates in the meantime, please visit our webpage here.
  • Finally, should you decide not to select any of the interest rate options made available to you by either Ulster Bank or PTSB, your loan will automatically revert to the default Variable Interest Rate as set out in your loan agreement when the Fixed Interest Rate period ends. These rates can be viewed in the interest rate section on the PTSB website here.

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I have a Fixed Rate Mortgage which will reach maturity after the loan transfer to PTSB has taken place. What rates will I be offered?

On maturity of your Fixed Rate, you will be provided with PTSB interest rate options to choose from, and you will not be provided with Ulster Bank interest rate options.

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How will direct debits be treated and reflect on my Current Account if I have primary and sub-accounts now that I have moved to PTSB?

If you are paying your Mortgage by direct debit, this will mean that there will be separate direct debits to pay each individual account and you will see separate transactions on your Current Account from which your loan is paid. As a consequence, should these direct debit(s) be unpaid, you may incur charges for each unpaid direct debit on your Current Account. Unpaid direct debit charges will not be applied to your Mortgage account.

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Former Ulster Bank Mortgage Customers

Support and guidance for you as a new PTSB Mortgage Loan customer.

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