PTSB has announced changes to its 3 and 4-year fixed rate products for new customers with significant reductions to the relevant interest rates. This is the second reduction to the Bank’s 4-year fixed rate since December when a reduction of 0.40% was passed on.
For the 4-year fixed rate mortgage, the Bank has announced cuts in interest rates of up 0.30% for new customers. The new 4-year fixed rates will come into effect from Friday 22nd March 2024 and will be priced at 3.80%, 3.90% or 4.05% depending on the Loan to Value of the mortgage (details in notes to editor). The reduction will mean a saving of up to €44 per month for a customer fixing a mortgage of €250,000 over a 30-year term.
PTSB is also launching a new 3-year fixed rate ‘green’ mortgage product for new customers with rates from 3.80% to 4.35% depending on the mortgage amount and the Loan to Value of the mortgage, effective from Friday 22nd March 2024. The Bank’s Green mortgage product is a key feature of PTSB’s sustainability strategy and offers customers a lower interest rate where their mortgage is secured on a home with a Building Energy Rating Certificate (BER) of A1 to B3.
Today’s announcement builds on the Bank’s already successful 5-year fixed rate green mortgage product, which is available to new and existing customers and accounted for 30% of the Bank’s total new mortgage lending in 2023.
4-year fixed
|
|
Loan to Value |
Current Rate |
New Rate |
Lower By |
|
All mortgage amounts |
0 – 60% |
4.00% |
3.80% |
-0.20% |
|
60 – 80% |
4.10% |
3.90% |
-0.20% |
|
|
80 – 90% |
4.35% |
4.05% |
-0.30% |
3-year fixed
|
|
Loan to Value |
New Green 3-year fixed rate Mortgage |
|
Mortgages of up to €250,000 |
0 – 60% |
4.00% |
|
60 – 80% |
4.10% |
|
|
80 – 90% |
4.35% |
|
|
Mortgages of greater than €250,000 |
0 – 60% |
3.80% |
|
60 – 80% |
3.90% |
|
|
80 – 90% |
4.15% |
