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permanent tsb announced today that it will contribute €1,000 to new mortgage customers including customers switching from another lender to help offset legal fees associated with buying a new home.

This incentive is designed to match similar incentive offers which have been put in place by a number of banks in recent months. Earlier this week permanent tsb announced that from next Monday, 12th January, it will reduce key home loan managed variable rates (MVR) and fixed rates , bringing its MVR rates to as low as 3.7% (APR 3.76%).

Speaking today, Richard Kelly, Head of Mortgages at permanent tsb bank, said that the new €1,000 legal fee offering will mean borrowers are not distracted by incentive offers put up by other banks;

Some banks are trying to distract borrowers with incentives which take attention away from their underlying rates. We’ve some of the most competitive rates on the market and this move will ensure that customers will not be distracted by headline incentive offers from other banks.

Kelly confirmed that the incentive will be available from next Monday 12th January to new customers who are fully mortgage approved before Tuesday, 31st March (i.e. those to whom a full letter of approval has issued to the customer’s solicitor). To qualify for the incentive, at least one of the parties to the loan must have or must open a permanent tsb current account from which monthly mortgage repayments will be made. The applicant must also have paid at least €1,500 into the account no later than 5 weeks from the date of the issue of the loan cheque.

He continued;

All new current account customers can avoid paying senseless fees. Not only that but we’re the only Irish bank where a customer does not need to maintain a minimum balance. You simply have to lodge €1,500 per month. A €12 quarterly fee applies if you don’t lodge €1,500 every month. Other transaction charges may apply e.g. unpaid items.

The €1,000 offer is available to First Time Buyers, Second Time Buyers and Switcher customers.

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