The Revaluation option may be availed of by Borrower(s) who have a home loan with the Bank at the time of application. However, PTSB (“the Bank”) reserves the right to terminate the option, or amend any details or terms of the revaluation option (including eligibility) at its sole discretion at any time without notice to Borrowers who are eligible to apply.
To avail of this option, eligible Borrower(s) must complete an application form and submit it to the Bank together with an original property valuation report confirming that the current market value of the borrower’s principal private residence, that is, the property which is the security for the Borrower’s mortgage (“the Mortgaged Property”).
All parties to the home loan secured on the Mortgaged Property must agree to these terms and sign the revaluation application form confirming their agreement to be bound by these terms
The Borrower(s) must choose a valuer from the Bank’s panel of approved valuers in order to complete the property valuation of the Mortgaged Property. Only property valuation reports received from such Bank approved valuers are acceptable to the Bank. Failure to submit a valid property valuation report from the Bank’s appointed panel will result in the application being rejected. Furthermore, the Bank is not responsible for any loss to the Borrower in such instances. The full list of the Bank appointed panel valuers can be found on the Bank’s website.
The property valuation report must not be older than 4 months on the date the Bank receives it. The Bank will not accept a valuation which is older than 4 months
The Bank reserves the right to not accept the valuers report if believes, in its reasonable opinion, it does not accurately reflect the current market value of the Mortgage Property.
The Borrower(s) accepts that the property valuation(s) submitted with their application form will be used by the Bank in order to calculate the Loan to Value (“LTV”) ratio of the home loan. Based on the LTV ratio, the Bank will then determine the interest rate options available to the Borrower(s) if they wish to avail of the Revaluation option.
Where an updated LTV band interest rates applies, this updated LTV band will only apply to the Borrower’(s) home loan (Mortgaged Property), and not to any non- home Loan mortgages.
Where the loan is secured on one or more properties which are in addition to the Mortgaged Property (“Cross Charged Properties”), the Borrower is required to obtain, at their own expense, a satisfactory valuation report in respect of each of the Cross Charged Properties and submit each property valuation to the Bank as part of their application. Only property valuation reports received from such Bank approved valuers are acceptable to the Bank.
The additional valuation(s) will then be aggregated with the valuation relating to the Mortgaged Property. In this scenario, the LTV ratio of the Mortgaged Property will be determined by the ratio to which the aggregate values of the Mortgaged Property and the Cross Charged Properties bear to the current outstanding amount of all loans secured on both the Mortgaged Property and the Cross Charged Properties.
Where the Borrower has been advanced one or more additional loans which is/are secured on the Mortgaged Property, the outstanding balances of any such loan or loans will be aggregated by the Bank for the purposes of calculating the LTV ratio to be applied to the relevant interest rate band for such LTV ratio in respect of the loan on the Mortgaged Property and the appropriate LTV banded interest Rate will apply to the home loan.
Where the Borrower’s loan is a OnePlan loan and the Borrower wishes to avail of the revaluation option, the Borrower authorises the Bank to transfer any balance in the Holding Account and apply this amount to the loan amount specified in the Borrower’s Letter of Approval. Therefore the balance outstanding due is the current balance in respect of which the Borrower is making repayments under the OnePlan mortgage.
Where the Borrower’s loan is a OnePlan loan No further withdrawals may be made from the Holding Account and the Holding Account will be closed by the Bank immediately. No OnePlan cheques may be written in the seven day period up to the date of application by the Borrower to avail of the revaluation option and all unused OnePlan cheques must be returned to the Bank prior to or on the date of the said application.
Where the Borrower’s home loan is subject to a basis point interest rate adjustment (other than an Alternative Repayment Arrangement agreed to by the Bank under the Code of Conduct on Mortgage Arrears), where the Bank has agreed a specific interest rate with the Bank other than that specified in the Letter of Approval (allowing for subsequent changes in interest rates from time to time), the Borrower may avail of the option However, the said arrangement will terminate and will not be continued or carried forward in respect of the rates available under the revaluation option.
This option is available in respect of Home Loans only (this includes tracker rate loans, that is, loans which track the European Central Bank Refinancing rate) and is based on the loan type at the time of the initial mortgage drawdown only. If you are on a tracker rate, we recommend that you seek independent financial and/or legal advice regarding availing of this option.
The Bank reserves the right to amend LTV band interest rates offering at any time and without notice to you. If we amend our LTV band interest rates between the date of your application for the revaluation option and the date on which the LTV band interest rate is to be applied to your home loan mortgage account, it is the revised interest rate that will be applied to your home Loan.
If one of the Borrower’s product options is a Standard Variable Rate (SVR) or an LTV Variable Rate, these products may no longer be offered to you. The new variable interest rate option available to you will be the Managed Variable Rate (MVR).
Where the Borrower’s home loan is currently on a rate which is fixed for a period, and the Borrower wishes to avail of the property revaluation option, the Borrower may choose to break the fixed interest rate period and pay the applicable fixed rate exit fee to do so or alternatively wait until expiry of the fixed rate period at which point the Borrower may choose to then avail of the revaluation option unless the Bank has terminated the option prior to that date.
In all other respects the original terms and conditions of the Borrower’s home Loan, in respect of the Mortgaged Property, remain unchanged.
If the Borrower(s) has undrawn amounts on their home loan mortgage, and these funds are subsequently released to the Borrower(s), the LTV ratio applicable to their home Loan may increase. This means the LTV banded interest rate applicable may increase. If remaining funds are to be drawn down, all loan offer conditions and Bank requirements must be met in relation to stage payments or undrawn amounts generally, including production of a certificate of compliance.
If the Borrower(s) are currently on a special repayment arrangement with a fixed monthly repayment amount, the monthly repayment may not change until expiry of this arrangement. The repayment amount will remain the same until expiry of such arrangement.
If the Borrower’s home loan term has expired and a balance remains due to PTSB, we will be unable to process an application until a new home loan term has been agreed and put in place on the Borrower’s mortgage.
