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On 29th July, Eamonn Crowley, who is recently appointed as the new Chief Executive of Permanent TSB bank, announced a key overhaul of some home loan’s mortgage interest rates that are usually charged by the bank. He said that this change referred to “Combined enhanced competitiveness along with enhanced fairness”.

The modifications however apply to the bank’s suite of fixed as well as variable PTSB mortgage rates, especially from home loan customers. The changes include the reduction of bank’s

  1. Standard Variable Rate (SVR) by 0.55%
  2. Managed Variable Rate (MVR) ranging from 0.10% to 0.30%
  3. Fixed rates for all the previous customers by as low as 2.95%

Besides these three, the bank is also going to reduce its introductory 3 to 5 years fixed rates primarily for new home loan customers regarding mortgages of more than €250,000 and rates as low as 2.5%.

PTSB’s Recent Low Mortgage Rates Especially Available for Upcoming Customers

The Permanent TSB has currently launched an all-new low-rate mortgage which is particularly aimed at attracting numerous customers who are looking for some alternative option to have a PTSB mortgage overcharging cashback on drawdown.

However, this newly launched offer is merely available for new clients and customers of the bank. That too in a move which may rankle to some extent with the previously existing customers. Thus, it can be regarded as a pure form of dual pricing.

The new 2.25% rate of the bank announced for four years fixes mortgage loan is readily available for all fresh home-loan mortgage applying customers. Those especially include

  1. First time home buyers
  2. People who are shifting home from one place to another
  3. Customers looking for switching their mortgage provider

However, it may not be obtainable for buy-to-let customers.

  • The lower rate of the mortgage is accessible to those individuals who have a loan-to-value rate of somehow less than 80% but with a higher rate.
  • On the other hand, a rate of 2.55% is available for individuals who have mortgages ranging between 80-90% of the total purchase price of their homes.

The product however marks a minor change in the track from the bank. Earlier, it used different PTSB mortgage cashback offers in order to incentivize new switchers and buyers. Although several customers may be able to avail of this cashback offer, yet PTSB is recently looking to compete with other banks in terms of rates

Managed Variable Rate (Shortened For MVR) Switch Offer

The very famous Permanent TSB bank usually provides prevailing home loans to customers in three basic forms. However, for each one of them, the opportunity to shift to a new Managed Variable Mortgage Rate is usually based on a modern Loan-to-Value evaluation.

Eligible Customers for This Unique Offer

1. Standard Variable Rate Customers (SVR)

All the different SVR customers including Mortgage top up PTSB customers are readily eligible to avail of the various MVR switch offers single time merely subjected to offering a completed valuation and Rate switch application form, irrespective of their own drawdown date.

2. Managed Variable Rates (MVR)

This offer is especially for all those who drew down their mortgage earlier than 1st July 2015. Similar to SVR customers, MVR clients can also apply for a complete Rate Switch and valuation application.

3. Fixed Rates Customers

All fixed mortgage rate customers can avail of MVR rates right before the expiry of their fixed-rate period. The MVR rate applicable will however depend on the offer at the time of switching. Moreover, some customers can also file an application for switching fixed PTSB mortgage rates to a managed variable mortgage, but that too before the end of their agreed fixed period.

Other Flexible Payment Options

At Lawlor Kiernan Solicitors, we fully understand that our clients need flexibility while paying back tracker mortgage overcharging cashback. That is why our lawyers offer a wide range of flexible repayment options, all of which could make your mortgage management easier as soon as you switch to a permanent TSB. the following are three basic types of flexible payment options that our customers can avail of;

1. Payment Holiday

Clients can choose and select any of the two payment holiday options

2. Overpayment Options

They can make lump sum payments or regular overpayments on your applied mortgage in order to reduce the amount on interest and terms of periods of paying back

3. Payment Date Options

Reliable customers are free to choose any of their preferred mortgage payment dates and time.

Find Out the Mortgage Rates That Is Right for You

When it comes to moving on your mortgage journey, the lawyers of Lawlor Kiernan Solicitors believe in providing permanent support. That is the basic reason why our firm is cutting mortgage rates both previously existing as well as new customers. This means that you will have to pay lower prepayment amounts each month, and thus you can see real savings on your mortgage too. You can also find out detailed information about the mortgage interest rate options readily available on our website by using out our PTSB mortgage calculator.

How to compare Different firms Mortgage rates by using the PTSB mortgage calculator?

Over the terms of the mortgage, the difference between the total payments and the principal sum borrowed is equal to the interest rate. For this reason, these rates can also be assumed as the prince lenders amount charging amount required for advancing your money in further stages.

These interest rates though can be either variable or fixed.

  • If in one case, you take a mortgage loan from variable-rate lenders then you can eventually change the PTSB mortgage rates by providing the required notice to their clients and customers.
  • While, on the other hand, if you intend to have certainty regarding repayments of a mortgage loan, then the option for a fixed-rate mortgage may prove a better option for you.

 Fixed mortgage rates are always low in Ireland in comparison to variable ones. Also, they represent good property value at present. So, always choose wisely.