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PTSB tempts trackers

BANKING giant Permanent TSB is set to reveal incentives to encourage customers to overpay their tracker mortgages.

The move is being made in an attempt to get the loss-making loans off its books.

It's expected that more than 5pc will be offered as an incentive to customers who make additional repayments on their home loans. This would mean that for every extra €1,000 that a customer pays off their mortgage, Permanent TSB will reduce the sum owed by an additional €50.

Reports have suggested that tracker mortgages are costing Permanent TSB more than €400m a year as the mortgages carry very low interest rates -- on average about 2pc.