Permanent TSB has launched a new low mortgage rate aimed at attracting customers looking for an alternative option to a cashback on drawdown. The bank’s new 2.25 per cent rate, fixed for four years, is available for all new home loan customers including first time buyers, people moving home, and customers seeking to switch mortgage provider. The lower rate is available to those with a loan to value rate of less than 80 per cent, with a higher rate, of 2.55 per cent, available to those whose mortgaes are worth between 80 and 90 per cent of the purchase price of the home. According to the bank, rates for existing customers start at 2.95 per cent, which is a significant differential on the new 2.25 per cent rate. This is despite the practice of offering cashbacks – or now lower rates – only to new customers.

Source: The Irish Times March 29, 2021 11:48 UTC