At PTSB we want to continue to support you with your existing home loan and to help you get the most out of your mortgage. With this in mind, you may have the option to move to a lower Loan to Value (LTV) band* interest rate.
LTV banded rates are determined using your reducing home loan balance and latest Property Valuation submitted.**
Divide your Mortgage loan balance(s) by the value of your property and multiply by 100 e.g. €150,000.00 ÷ €200,000.00 x 100 = 75% LTV.
This means that as the LTV on your home loan reduces you may benefit from lower rates***, meaning you may see savings on your monthly repayments.
* Loan to Value 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 of €150,000 on a house that's worth €200,000 you have an LTV of 75% therefore your LTV band is 70-80%. Refer to our Rates Table for all LTV bands.
** If you have more than one property attached to a Mortgage account (referred to as ‘cross collaterised loan’), the LTV calculation is based on valuations from all properties.
***Moving down LTV bands may not always mean a lower rate. Check our Rates Table for all LTV bands and their corresponding rates .
Please note: The value of your property can go up and down based on current market conditions and we will always use the latest Property Valuation submitted to determine your LTV.
So, if you are an existing home loan customer and want to move to a lower LTV band rate; you can firstly find your current LTV percentage on your recent Product Options Letter or your recent End of Year Statement.* Now you need to determine if you should obtain a Property Valuation.
We recommend you check the Property Price Register and Daft to help you understand what similar houses in your area have been sold for recently - this will help you estimate your current property value.
Use our handy calculator to establish if obtaining a Property Valuation would mean you qualify for a lower rate; and check out our Rates Table to determine which LTV band you could avail of and the interest rates that may be available to you.
*If you don’t have access to a recent Product Options Letter or End of Year Statement, or have recently made an adjustment to your outstanding Mortgage balance, 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 one home loan, you can call us on 0818 50 24 24, Monday to Friday, 9:00am to 5:00pm (excluding Bank Holidays).
Follow a few simple steps:
**The Property Valuation report must be dated within the past 4 months upon our receipt.
*** Rate decrease is not guaranteed and will be based off the LTV band movement. You are required to pay the valuation fee in all circumstances.
Please note: You won’t need to submit this Property Valuation report and application if the value of your property has decreased since your latest valuation. Latest valuation may be at loan drawdown.
This Property Valuation allows you to find out if you could avail of a more competitive rate as an existing home loan customer, saving you money on your monthly repayments. Your Property Valuation will reflect the current market value; calculating the most accurate LTV for you.
***This may be the value at loan origination where no subsequent Property Valuation report has been provided.
If you have determined you should obtain a Property Valuation as outlined in the ‘Where to begin’ section above, you can then contact one of the valuers appointed by PTSB to carry out a valuation of your property.
Things to consider before you engage a valuer:
Print, fill out and sign the downloadable Property Valuation Application Form and return the form, along with the completed original signed Property Valuation to:
56-59 St. Stephen’s Green
or drop it in to your nearest PTSB branch.
Please note: A valid in date Property Valuation report must be submitted together with a fully completed and signed application form. The Property Valuation report must be completed by a PTSB approved valuer. All parties to the Mortgage must sign the application form.
We advise you to seek independent financial and legal advice before submitting the application form.
56-59 St. Stephen’s Green
Warning: You may have to pay charges if you pay off a fixed-rate loan early.
Warning: The cost of your monthly repayments may increase.
Warning: If you do not keep up your repayments you may lose your home.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit, a hire- purchase agreement, a consumer-hire agreement or a bnpl agreement in the future.
This calculator is for existing home loan customers only
Was your balance at origination equal to or more than €250,000?
What is your estimated property value?
What is your remaining mortgage amount?
Please fill in the above fields to calculate.