- Third and largest set of mortgage rate cuts announced by PTSB since December
- Rate reductions across PTSB’s fixed-rate mortgage product offering over terms from 2 to 7 years
- Market leading for certain 3-year fixed rates from 3.70% for new and existing customers
PTSB has announced it is making significant reductions to its standard 3-year fixed-rate mortgage product for new and existing customers of up to 1.05%.
In addition, the Bank has announced a series of reductions across its wider fixed-rate mortgage product offering, over terms from 2-7 years, available from the end of May.
This is the third and largest set of cuts to fixed-rate mortgages that PTSB has announced since December and reflects the Bank’s commitment to providing great value for existing customers, along with strong competition for new customers in the Irish retail banking market.
The Bank is also reducing its 3-year Green fixed rates starting from 3.50% for Loan-to-Value (LTV) of 0-60% for mortgages of €250,000 or higher*.
Patrick Farrell, PTSB Retail Banking Director, said:
“We are committed to competing strongly in the mortgage market – the combination of these new, lower rates and the quality of our service and our people demonstrate this commitment and our desire to win new business.
We are placing a particular focus on cuts to 3-year fixed term rates as this term is extremely popular with our customers. As always we will keep our rates under review to ensure we remain competitive.”
Key changes
- 3-year fixed (60-80% LTV) reduces by 1.05% to 3.80%
- 3-year fixed (<60% LTV) reduces by 1.05% to 3.70%
- 3-year fixed (80-90% LTV) reduces by 0.60% to 4.50%
For higher value mortgages of €250,000 or more, new rates will be as follows:
- 3-year fixed (60-80% LTV) reduces by 0.95% to 3.70%
- 3-year fixed (<60% LTV) reduces by 0.95% to 3.60%
- 3-year fixed (80-90% LTV) reduces by 0.65% to 4.25%.
For Green mortgages (BER of A1 to B3), the new rates will be as follows:
- 3-year fixed (60-80% LTV) reduces by 0.40% to 3.70%
- 3-year fixed (<60% LTV) reduces by 0.40% to 3.60%
- 3-year fixed (80-90% LTV) reduces by 0.10% to 4.25%.
For Green mortgages of €250,000 or more (BER of A1 to B3), new rates will be as follows:
- 3-year fixed (60-80% LTV) reduces by 0.30% to 3.60%
- 3-year fixed (<60% LTV) reduces by 0.30% to 3.50%
- 3-year fixed (80-90% LTV) reduces by 0.10% to 4.05%.
Additional changes:
- 2-year fixed rates are reducing by up to 0.25%
- 4-year fixed rates are reducing by up to 0.15%
- 5-year fixed rates are reducing by up to 0.60%
- 7-year fixed rates are reducing by up to 0.35%
Notes to Editor:
- This is a press release which covers the main points of this announcement but it does not provide detail on every aspect of the changes. Customers should contact the Bank for information on how the changes will impact on their individual circumstances and should seek independent financial advice. Terms and conditions apply to PTSB products.
- *The rates announced today are available to new and existing customers from the end of May 2024, with the following exceptions:
- Green 3-year fixed-rate mortgage products will be available to new customers from the end of May 2024 and existing customers by the end of July 2024; and
- 4-year fixed-rate mortgage product, which is a rate-only product, will be available to new customers only from the end of May 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.
