Wednesday 7 December 2016

'Our next step is a public meeting,' - angry Permanent TSB mortgage holder on higher variable interest rate

Camaigner Sara Hogan is intent on making higher variable rates an issue ahead of election

Published 09/04/2015 | 11:25

Mortgage holder Sara Hogan During Permanent TSB's AGM 2015 At the Ballsbridge hotel, Dublin
Mortgage holder Sara Hogan During Permanent TSB's AGM 2015 At the Ballsbridge hotel, Dublin

A Permanent TSB mortgage customer has said the next step in her bid to have variable mortgage rates reduced is a public meeting.

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Frustrated mortgage holder Sara Hogan told the company's annual general meeting earlier this week even though she has the same mortgage value as her neighbour, she pays €118 more per month on her mortgage. campaign is growing.

She told NewsTalks's Pat Kenny in an interview that following her appearance at the meeting and subsequent media coverage, a campaign to have variable mortgage rates reduced is gaining ground.

"In the past 24 hours, there’s been a lot of traction....on social media," she said.

Ms Hogan is paying a rate of 4.5pc on her mortgage while new customers are being offered lower rates by a range of banks.

"Our next move is to organise a public meeting," she said.

"We need to get a volume of people together. I’m meeting with Simon Harris (Fine Gael TD) next week. For now, www.askaboutmoney.com is the place to come.

"Only if the Minister or the Governor of the Central Bank intervene will they cut rates."

Despite a range of voices venting their anger at the AGM yesterday, the lender said it is not planning to cut rates.

But Ms Hogan said she will continue to campaign.

“I am charged 4.5pc on my existing mortgage. My neighbour with the same loan value, the same term, the same loan to value ratio is paying 3.8pc. I pay €118 more per month to the bank and this adds up to more than €36,000 over the remaining life of the mortgage. And I ask you Sir, is this fair?”

“I have never missed repayment. We are not in arrears. We are not looking for a special deal. We are looking to be treated the same.”

The Bray woman, who has been banking with TSB for six years, also spoke at Permanent TSB’s AGM three years ago. She said the bank announced a “token” rate reduction after this.

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