PTsb buy from abroad criteria

PTsb have sent out the criteria for buyers from abroad, listed below.

Applicants who are Irish or UK Citizens resident outside of the Republic of Ireland AND who are earning in excess of 100,000 Euro equivalent per annum (joint or sole basis) may be considered for BTL facilities, a maximum LTV of 60% applies.

Standard valuation & rental income confirmation requirements apply.

All qualifying applicants / properties will be required to comply with the standard 1.2 times RCR requirement.All applicants will be required to provide acceptable proof of their compliance with the €100k minimum income requirement. Income may be verified with reference to one or more of the following:

Payslips (2 of most recent 3); Salary Certificate; Statement of Taxes (P60 equivalent or Tax Balancing Statements); Audited / Certified Accounts; 3 months Bank Statements showing minimum 3 salary credits at the required level; Balance of funds must be evidenced by way of a Bank/ Savings/ Investment statement.

In the normal course a Net Income / Lifestyle Expenditure assessment is not required. However it is acknowledged that circumstances may occur where …

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Banks don’t offer ‘solultions’ they just say ‘no’

Something that people find really frustrating is how they look to a bank for a solution and are simply told ‘no’, there is never any mention of ‘what will work’. Imagine going into a negotiation where you have no idea of what is acceptable to the other party (short of full repayment), or even where full repayment can get rejected!

How are you meant to find any answer -given that all solutions are unknown and unknowable – if there is not at lease some kind of counter offer? Imagine doing this in any other area of your life…

You: I’d like to buy these shoes, how much are they? Shopkeeper: That depends. You: I’d be happy to pay €50 for them, will that work? Shopkeeper: No. You: What will you accept? Shopkeeper: That really depends. You: Do you want more or less or am I even in the right ballpark? Shopkeeper: Hard to say, it really depends…

(then go back to third sentence of conversation and LOOP UNTIL runtime error)

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New PTsb products

PTsb have just issued a new rates matrix and the prices are good, they have a standard SVR for all loan to value amounts (ie: 90%) of 3.99% and 3.69% for LTV’s below 70%, these then revert to 4.34% after the first year which is not the market leader but it is right up there in the same ball park.

This (to our thinking) confirms PTsb’s re-commitment to the market, they have said they will up lending to c. €450m from the €60-70 (that’s the mortgage portion, the officially reported 90m includes all credit) they advanced in 2012.

They have also re-deployed staff in their broker centre which was a one person business unit last year! The staffing numbers there will be 5-6 people for 2013 which means there will be ample access for the intermediary channel, obviously direct and branch will also be active, all said it seems likely they may reach their target of €450m new lending.

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Banks may have the upper hand in the tracker debate

In the Irish Times Barry O’Halloran covered a story on trackers which looks at a case by Alan Grant of DNG against PTsb who have claimed they have the right to seek full repayments on mortgages and not just interest only.

Our readings of loan offers are that there is an agreed period which is subject to reviews. PTsb have been seeking repayments on investment loans since 2010. The idea that it shouldn’t be allowed under the Consumer Credit Act 1995 is probably going to prove contentious because when you buy an investment property you are not acting as a consumer meaning the provisions may well not apply.

You can be a consumer for a financial service even if you are a credit union or a company with a turnover below €3,000,000 but for the head of mortgages in one of the countries largest estate agents there is a dual issue at hand, firstly Mr. Grant should be expert enough in mortgages to carry out the role as a mortgage advisor (bearing in …

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Zombie Banks acting like Zombies

I wrote a piece in today’s Irish Sun about our banks and that the state owned operations are showing a decided lack of inventiveness when it comes to helping existing borrowers.

This may be down to disincentives, issues with management or the Department of Finance, but suffice to say, it doesn’t make sense that non-state owned banks and foreign banks are innovating in potentially beneficial ways for their customers and the banks we paid to save are not.

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Are investment property owners ‘hard pressed’?

PTsb are going to take away investors tracker mortgages unless they go to capital and interest payments, that story was broken by Charlie Weston in the Independent today. That is a business decision by them, but for the business affected (landlords) it creates a new problem.

How can they do this? Isn’t it part of the new rules that banks can’t take your tracker from you? Yes and no, if you bought a property as an investment you are not covered by the Consumer Credit Act 1995 (you are not acting as a consumer) or the Code of Conduct for Mortgage Arrears. So any renegotiation can result in the loss of a tracker, staying on interest only (if you are with Ptsb – and others will follow suit) will require moving to a variable rate.

We’ll look at a standard example: Take Joe, he is married and earns €45,000 p.a. and his wife Kate makes €30,000 they bought an investment property with their SSIA’s (€30k deposit on a property for €300,000 in 2006). …

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An ounce of prevention beats a pound of cure – banks need to change how they deal with arrears

Currently banks are not interested in dealing with customers who ‘might go into arrears’, they tend to brush them off – instead focusing on the people who are already in actual trouble. This doesn’t seem rational to me from a business perspective – and this approach would fail any standard test of common sense – if you knew a storm was coming would you carry an umbrella? If you knew and were warned in advance that it was going to be a blazing hot day would you get some sun-cream? Oddly the Irish mortgage lenders defy logic when it comes to knowing that certain clients are going to fall into arrears, and this is going to ruin thousands of credit histories that could otherwise be maintained. Credit aversion might be the name of the day now, but these same consumers may feel differently in five years time.

Any credit crisis we have encountered on individual levels has always had …

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Best deposit rates in Ireland November 2009

The lenders offering the best deposit rates are listed below with the highest in each category being the one we have shown.

Best demand account: INBS 3.75% (up to €20,000), Halifax 3.75% (up to €10,000), Anglo Premium Demand 3.1% – no restrictions

Best 7 day notice: Anglo 7 Day Notice 1.6%

Best 1 Month/30 Day: PTsb 30 Day Notice 3.25% (min. €10,000)

Best 3 Month: Ptsb 90 Day Fixed 3.25% & Investec 3 Month Fixed 3.25% (min. €20,000)

Best 6 Month: Investec 3.25%

Best 9 Month: Investec 3.5%

Best 1 Year Fixed : Anglo 3.6%

If you want to consider your deposit options you can contact us on 01 679 0990, we don’t have deposit agencies with every lender listed in the top position, so in some cases we’ll have to send you direct but in any case we can still help you choose the best deal on the market. All rates are up to date as 9th November 09′ and are subject to change.

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