Sara Hogan: I want justice for PTSB variable rate customers
Sara Hogan made the headlines last week when she lashed Permanent TSB bosses over mortgage apartheid, which sees customers with different repayments for the same loan amount. Here, she explains her family's plight
My family and I moved to Bray six years ago. Just missing out on the tracker option, we took out our SVR (standard variable rate) mortgage with Permanent TSB in June 2009.
At the time, Permanent TSB charged around the same as the rest of the market. Then its started pushing up the rate while others reduced theirs. By August 2011, we were paying 6.15pc, while AIB and BoI were charging 3pc. By this time, mortgage lending was effectively frozen. The banks were all but closed for business. We were trapped and couldn't switch.
In May 2012, I spoke at the Permanent TSB AGM about its exorbitant variable rates (5.19pc while ECB was back at 1pc). Soon afterwards, the bank announced a token reduction in their rate, along with empty promises of more to come. The office of the CEO, Jeremy Masding, said at the time: "I would hope that as conditions improve in the funding market and in the wider economy in the years ahead, we will be in a position to reduce our variable rates further."