Property Valuation and LTV Band Movement

  1. What is the Property Valuation option and Loan to Value (LTV) Band Movement?
  2. What is Loan to Value?
  3. What is overall Loan to Value?
  4. Where can I find my current LTV percentage?
  5. Can my LTV band go up or down?
  6. Is there a limit to the number of times I can submit a Property Valuation?
  7. What are the current interest rates available to existing home loan mortgage customers?
  8. Where do I obtain the list of PTSB appointed property valuers?
  9. What is the cost of the Property Valuation and who pays for it?
  10. I have contacted a PTSB appointed property valuer, but I am unable to get an appointment?
  11. Is there an expiry date on my Property Valuation?
  12. What happens if my Property Valuation has expired?
  13. Is a copy of my Property Valuation report acceptable to send to PTSB?
  14. How do I submit my Property Valuation report and application form?
  15. I have completed and returned the Property Valuation application with my latest report; when should I expect to hear back?
  16. Who is eligible for the Property Revaluation Option?
  17. Can I apply if my Loan to Value is greater than 90%?
  18. I am a fixed rate customer, can I avail of this Property Valuation option?
  19. My fixed rate is due to expire, can I avail of this Property Valuation option?
  20. I have received a Product Options letter as part of this process, however I wish to remain on my current product. What do I do?
  21. If I have another property attached to my home loan mortgage, what does this mean in respect of this Property Valuation option?
  22. I split my mortgage at loan application stage so I have two separate mortgages on the same property. Can I apply for Property Valuation on both loans?
  23. Can arrears/Alternative Repayment Arrangement customers submit a Property Valuation?
  24. I have a OnePlan mortgage, can I apply for Property Valuation?
1. What is the Property Valuation option and Loan to Value (LTV) Band Movement?

Existing home loan customers who believe the value of their mortgaged property has increased, have an option to submit a Property Valuation report. Based on this report, the LTV band associated with the mortgage could improve, meaning they could avail of a lower rate. An increase in property value can be as a result of adding an extension, renovating, and or due to a value increase in the housing market.

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2. What is Loan to Value?

Loan to Value or LTV is the outstanding balance of the mortgage facility calculated as a percentage of the value of the property. For example, if you have a mortgage balance of €100,000 on a house that's worth €200,000 you have an LTV of 50%.

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3. What is overall Loan to Value?

This percentage includes all collateral attached to your mortgage. This means that if you have more than one loan or more than one property secured against your home loan, the LTV calculation takes these into account to determine the overall LTV. In this case the overall LTV is the outstanding balance of the mortgage facility and additional facilities calculated as a percentage of the value of all properties attached to the mortgage. For example, if you have a mortgage of €100,000 and a top up worth €50,000 on a house that's worth €200,000 you have an LTV of 75%.

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4. Where can I find my current LTV percentage?

Firstly you can find your current LTV percentage on your recent Product Rate Options Letter or your recent End of Year Statement. If you don’t have a recent Product Options Letter or End of Year Statement, you can calculate your current LTV by dividing the ‘Remaining Balance’ on your Open24 mortgage account by the latest valuation (which may be your property purchase price) and multiplying by 100. Alternatively, if you do not have access to this information or you have more than one property attached to your home loan, you can call us on 0818 50 24 24.

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5. Can my LTV band go up or down?

Yes, your LTV band can go up or down. If the Property Valuation is lower than the previous one submitted (which could be your valuation at mortgage drawdown) your LTV band may increase, meaning the interest rates available to you may increase. With that in mind, we advise that you do not submit a Property Valuation if it is in fact lower. If you are not sure what your latest valuation on file is, please call us on 0818 50 24 24.

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6. Is there a limit to the number of times I can submit a Property Valuation?

There is no limit to the number of times you can submit a Property Valuation Report. This also means you can complete the Property Valuation process if you have previously completed the MVR Switch Offer process.

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 7. What are the current interest rates available to existing home loan mortgage customers?

Please see our interest rate page for all available rates.

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 8. Where do I obtain the list of PTSB appointed property valuers?

The full list of approved PTSB appointed property valuers is available to view here.

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9. What is the cost of the Property Valuation and who pays for it?

The customer or applicant is responsible for arranging the Property Valuation and for the cost. The Property Valuation fee will be €150 per property valued, which is inclusive of VAT but excludes valuers' travel expenses; which the applicant is also responsible for. This is a non-refundable cost.

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10. I have contacted a PTSB appointed property valuer, but I am unable to get an appointment?

In the event that you are experiencing difficulty in obtaining an appointment for an approved valuer to value your property, please select an alternative approved valuer from your local area. The full list of appointed property valuers can be viewed here

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11. Is there an expiry date on my Property Valuation?

Your Property Valuation needs to be dated within 4 months of the date of your application submission to PTSB.

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12. What happens if my Property Valuation has expired?

Should your Property Valuation expire upon submission or at the time the application is processed, you will be instructed by PTSB to resubmit a new, in date Property Valuation. Should this occur; the subsequent valuation will be at the customer’s or applicant’s expense.

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13. Is a copy of my Property Valuation report acceptable to send to PTSB?

Only an original signed and stamped Property Valuation report from a PTSB appointed valuer will be accepted as part of this process. Please ensure that the original valuation report is submitted to us alongside your application form.

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14. How do I submit my Property Valuation report and application form?

You can submit your Property Valuation report and application form by post to Mortgage Department, PTSB, 56-59 St. Stephen’s Green, Dublin 2 or you can drop it into your local PTSB branch.

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15. I have completed and returned the Property Valuation application with my latest report; when should I expect to hear back?

Your application will take 15 working days to be reviewed and approved, provided it is completed in full. Once it’s approved, PTSB will issue you an up to date Product Options letter. If you are currently on a variable product or wish to break out of a fixed term rate (breakage fee may apply), you will be issued a Product Options letter immediately. However, if you are nearing your fixed rate maturity, you will not receive your Product Options letter until after your fixed rate maturity date.

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16. Who is eligible for the Property Revaluation Option?

Home loan customers are eligible. Buy-to-Let and Commercial mortgage customers do not qualify for the PTSB Property Valuation option.

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17. Can I apply if my Loan to Value is greater than 90%?

Yes, this Property Valuation option is available to all LTV bands.

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18. I am a fixed rate customer, can I avail of this Property Valuation option?

If your mortgage account is currently on a fixed interest rate, you may avail of this option. However, you may be liable for fixed rate breakage fees which will be calculated on the basis of the formula set out in your fixed rate agreement. The breakage fee will be payable before any alternative LTV band rate can be applied.

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19. My fixed rate is due to expire, can I avail of this Property Valuation option?

Yes, we will write to you 4 months prior to your fixed rate maturity, inviting you to submit an application. If you choose to complete this application and submit an updated Property Valuation, your Fixed Rate Maturity Options letter that you will receive from us 2 months prior to expiry will be updated to reflect your updated LTV band.

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20. I have received a Product Options letter as part of this process, however I wish to remain on my current product. What do I do?

You are not obliged to complete this Product Options letter; you can remain on your current product with PTSB.

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21. If I have another property attached to my home loan mortgage, what does this mean in respect of this Property Valuation option?

If your loan is secured on another property (referred to as “cross charged property”) in addition to your home, you will need to obtain a Property Valuation from an approved PTSB panel valuer in respect of all such cross charged properties, also at your own expense. Valuation fee will be a maximum of €150 per Property Valuation, which is inclusive of VAT but excludes valuer’s travel expenses; which you are also responsible for. Your application will not be processed if you do not submit the Property Valuations of all your secured properties. Please only submit 1 application form together with all relevant property valuations.

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22. I split my mortgage at loan application stage so I have two separate mortgages on the same property. Can I apply for Property Valuation on both loans?

Yes, you can. Once your mortgages are home loans you are eligible for this Property Valuation process. You can use the one Property Valuation and one application form for both loans. If your application is successful, you will be sent a Product Rate Options Letter from PTSB separately for each of the separate mortgages.

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23. Can arrears/Alternative Repayment Arrangement customers submit a Property Valuation?

Yes, you can. If your mortgage is currently in arrears or in an Alternative Repayment Arrangement (ARA), you can still apply provided you meet our qualification criteria set out on our Property Valuation webpage.

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24. I have a OnePlan mortgage, can I apply for Property Valuation?

If you have a OnePlan mortgage, you can still apply for our Property Valuation option; however you must first have drawn down all funds remaining in your One Plan holding account.

This can be done in two ways:

  • Draw down your remaining funds using your current method – chequebook or withdrawal in Branch
  • Give authority to PTSB to off-set any remaining funds in your OnePlan Holding Account so that the resulting balance outstanding is the current balance on which you are making repayments under your OnePlan mortgage. Please sign the “OnePlan Mortgages” section in the application form if you authorise this. Your OnePlan Holding Account will then be closed.

If a OnePlan customer applies for Property Valuation, they must return their cheque book to PTSB and confirm there are no cheques currently outstanding or issued in the 7 days prior to completing their application.

The full list of Terms and Conditions can be found here.

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