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.
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%.
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%.
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.
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.
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.
Please see our interest rate page for all available rates.
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.
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.
Your Property Valuation needs to be dated within 4 months of the date of your application submission to PTSB.
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.
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.
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.
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.
Home loan customers are eligible. Buy-to-Let and Commercial mortgage customers do not qualify for the PTSB Property Valuation option.
Yes, this Property Valuation option is available to all LTV bands.
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.
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.
You are not obliged to complete this Product Options letter; you can remain on your current product with PTSB.
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.
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.
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.
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:
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.