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Thursday 15 November 2018

PTSB adds fuel to mortgage war by slashing fixed rates for new business

Permanent TSB. Photo: Collins
Permanent TSB. Photo: Collins
Louise Kelly

Louise Kelly

Permanent TSB has reduced its rates on a number of its fixed rate mortgage products for new business.

The changes, will apply to three-year and five-year fixed home loans, will come into effect on Monday, April 9.

Eight products in total will see the rate reductions, which range from 0.10pc up to 0.15pc.

Experts are predicting an explosion in the fixed-rate mortgage market in Ireland as the battle between lenders heats up.

Most recently, KBC slashed its rates, following Ulster Bank's move, meaning potentially savings of hundreds of euro each month for home owners.

As a result, a number of mortgage holders are making the switch to a fixed-rate mortgage from standard variable rates.

Full rate changes
Full rate changes

Banks are offering a number of additional incentives to entice new customers in, but customers are advised to determine their annual repayments as a priority rather than a switching 'carrot'.

PTSB Group Commercial Director Mark Coan said the new rates would offer real value to customers and peace of mind as speculation grows on possible interest rate rises later this year or early next year.

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