• Savings of 0.2% on 5 year fixed rates available to both new and existing customers
  • Green mortgages a key feature of Bank’s recently-announced sustainability strategy
  • Discounted fixed 5-year rates will apply to homes with a Building Energy Rating (BER) of A1 to B3 

Permanent TSB has today launched a new green mortgage product offering home loan customers discounts of 0.2% on 5 year fixed rates for both new and existing home loan customers* with a Building Energy Rating of A1 to B3 inclusive. The rates on offer will start at 2.35% for 5-year fixed rates where the Loan to Value (LTV) is less than or equal to 80% and the value of the mortgage is equal to or in excess of €250,000.

The green mortgages product is a key feature of the Bank’s sustainability strategy, which was announced recently and outlined plans to offer a range of sustainable finance products as part of the Bank’s commitment to more sustainable business practices (see Notes to Editors below).

The announcement comes in advance of Earth Day 2022 on April 22nd, the annual global initiative to build awareness of ways for businesses and individuals to pursue more sustainable ways of doing things.

Permanent TSB green mortgages will be available from April 30th for homes with an energy rating of B3 or higher. They are open to first-time buyers, people moving home and people switching their mortgage to the Bank, and can be combined with the Bank’s award-winning Cashback offer for new mortgage customers, which gives new mortgage customers 2% of the value of the mortgage back in cash (e.g. €6,000 Cashback on a €300,000 mortgage). This is in addition to the 2% Cashback available on monthly mortgage repayments made from a Permanent TSB Explore Current Account.

Jeff Harbourne, Head of Personal Banking, said:

“This is the first of many sustainable finance products that Permanent TSB will offer under our new sustainability strategy. We are offering better home loan rates to customers who are buying energy-efficient, sustainable homes with an energy rating of B3 or better. These great new rates highlight our commitment to sustainability and the importance of giving access to attractive sustainable financial products to our customers.”

Last week, the Bank also announced a reduction to its 4-year fixed rate mortgage product to 2.05% for new customers with a Loan To Value (LTV) of less than 80%. For new customers with an LTV from 80% to 90%, the rate falls from 2.55% to 2.35%.

The launch of Permanent TSB’s Green Mortgage, as well as the recent reduction in its 4 year fixed rate, aims to build on the popularity of the Bank’s mortgage offering, which has resulted in the Bank growing its market share of new mortgage lending from 15.3% to 17.8% over the course of 2021. 

Notes to Editors:

*The rates are available to existing home loan customers with 5 years or more remaining on their loan term and where the existing property has a BER of B3 or higher. The Green Rate will be applied upon production of the BER Certificate (in date) and a signed options letter

The full range of green mortgage 5-year fixed rates for new business home loans is as follows:

Loan size 250k equal to or greater

 

Loan size less than 250k

 

LTV <=60%

2.35%

LTV <=60% and loan size <250k

2.80%

LTV >60% but <=80%

2.35%

LTV >60% but <=80%

2.80%

LTV >80% but <=90%

2.65%

LTV >80% but <=90%

2.80%

Permanent TSB Cashback offerings

Permanent TSB’s Cashback offer gives borrowers cashback of 2% of the value of the mortgage in a direct payment once the mortgage is drawn down. In addition, customers who pay their mortgage via a Permanent TSB Explore Current Account can receive 2% cashback on the value of their monthly mortgage payments. 

Permanent TSB’s Sustainability Strategy, published recently, set out the following key initiatives:

  • Introducing a range of sustainable finance products
  • Setting science-based emission reduction targets by 2024, which will include measuring and reducing its entire carbon footprint in line with the Paris Agreement and the latest Intergovernmental Panel on Climate Change (IPCC) findings
  • Continuing to reduce its carbon emissions each year, aiming for a cumulative reduction of 60% by 2024 (from a 2009 baseline year)
  • Maintaining a nationwide branch presence in communities throughout Ireland
  • Targeting social issues through the Bank’s partnership with Social Entrepreneurs Ireland
  • Enhancing transparency through reporting the Bank’s progress in reaching sustainability targets
  • Introducing new hybrid working arrangements for colleagues
  • Continuing to enhance the accessibility of its products and services for all customers
  • Elevating the impact of the Bank’s Community Fund supporting local community initiatives nationwide
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