permanent tsb launches major product initiative for mortgage market

• Qualifying home loan customers to receive 2% of the value of their mortgage in cash for their own use

  For example, qualifying customers with a €300,000 mortgage will receive €6,000 in cash 

• 0.5% discount on our variable rate for first 12 months for loan amounts up to 80% LTV

permanent tsb has announced details of a major new product being launched for the Irish mortgage market. 

The ‘3 in 1’ Mortgage is available from today, Monday 11^th January.  The new product will offer home loan customers three key features:

• A 1 Year 0.50% discount on Permanent TSB’s managed variable rates for loan amounts up to 80% LTV (Loan to Value).
• A 2% Cash Back for Home Loan customers – payable within 10 business days of the mortgage being drawn down by the customers
• 3 Unique Flexible Payment Options

[Full details including terms and conditions are available from branches and online.]

Speaking today, Niall O’Grady, Director of Customer Products, said:

This new product will form a key part of our new business strategy for the coming year. It’s very customer focussed and we are very confident that it will provide a compelling proposition for home loan customers considering mortgage options.

O’Grady said that the 2% cash back offer was particularly significant;

We have researched various options with customers over the past six months or so and the 2% cash back has proven to be a very strong attraction for customers. By matching that offer with a compelling 12-month discount on most of our managed variable rates and with some welcome features offering customer flexibility around payment options and dates; we believe we have a compelling offer for the market place.

The new product will be available for First Time Buyers, Movers (excluding Negative Equity and Tracker Portability customers), Self-Build customers and customers switching their mortgage to permanent tsb.

The table below gives example of what the 2% cash back offer will mean for customers with various mortgage amounts.

The 2% cash back is available on mortgages approved before the 30^th June 2016 including those who have received full Letter of Approval before the 11^th of January and not drawn down their funds prior to this date (subject to them requesting and receiving a new Letter of Approval).

The bank reserves the right to seek a refund of the full payment of 2% cash back if the mortgage is paid back within 5 years.

The flexible options include:

• Payment Holiday Options
• Overpayment Options
• Payment Date Options

Niall O’Grady says that the flexible options will enable customers to take more control over how they manage their mortgages over the lifetime of the loan;

people now expect more flexibility in terms of their financial affairs and these options will allow customers a greater degree of control over their mortgage and ensure that they can manage it in a way which better suits their own needs and priorities.

[Certain Terms and conditions apply to these flexible options which are set out in detail in the relevant product brochures].