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  • Rate reductions across PTSB’s fixed-rate mortgage product offering over terms from 2 to 7 years, including market-leading rates for certain LTV bands
  • Fourth set of mortgage rate reductions announced by PTSB in the last 14 months 
  • Fixed rates for certain Green mortgages reducing by up to 0.7%

 

PTSB has announced it is making significant reductions to its personal fixed-rate mortgage products between 0.15% and 0.95%. The new rates will include a number of market-leading rates for a number of fixed-rate terms and Loan to Value (LTV) bands.

The new rates will come into effect from 17 January 2025 and be available to both new and existing personal customers*.

This is the fourth set of reductions to fixed-rate mortgages that PTSB has announced since December 2023 and reflects the Bank’s commitment to providing strong competition for mortgage customers in the Irish retail banking market.

Rate reductions will apply across all of the fixed-rate terms offered by PTSB; 2-year, 3-year, 4-year, 5-year and 7-year terms. PTSB’s 4-year rate fixed-rate for Loan-to-Value (LTV) <60% is now market-leading at 3%.

The most significant reductions of up to 0.95% apply to the 5-year and 7-year fixed term products, with rates from 3.8% for LTV of 60-80% for mortgages up to €250,000, while certain Green mortgages will see rates reduce by up to 0.7%.  

Customers whose loan applications have been approved at the old rates but who have not drawn down will automatically benefit from the new, lower rates. Customers whose applications are at the pre-approval stage will also benefit from the new, lower rates.

 

Dermot Ryan, Head of Bank Products and Pricing Strategy of PTSB, said:

“We are resolutely committed to competing strongly in the mortgage market. The combination of these new, lower rates and the quality of our service and our people demonstrates this commitment and our appetite to drive competition for the benefit of the customers we are here to serve.”

 

Key changes – standard products

  • 2-year fixed rates are reducing by up to 0.55%
  • 3-year fixed rates are reducing by up to 0.30%
  • 4-year fixed rates are reducing by up to 0.65%
  • 5-year fixed rates are reducing by up to 0.95%
  • 7-year fixed rates are reducing by up to 0.95%

For Green mortgages (BER of A1 to B3), the new rates will be as follows:

  • 3-year fixed rates are reducing by up to 0.25%
  • 5-year fixed rates are reducing by up to 0.70%

 

For higher value mortgages of €250,000 or more, new rates will be as follows:

  • 3-year fixed rates are reducing by up to 0.20%
  • 5-year fixed rates are reducing by up to 0.60%

 

For Green mortgages of €250,000 or more (BER of A1 to B3), new rates will be as follows:

  • 3-year fixed rates are reducing by up to 0.15%
  • 5-year fixed rates are reducing by up to 0.60%

 

The rate reductions for each term will vary depending on the LTV band. Rates across all fixed terms and LTV bands are reducing with the exception of the 3-year fixed rate (60-80% LTV), which will remain unchanged. 

 

Notes to Editor:

  1. 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.
  2. 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.
  3. *The rates announced today are available to new and existing personal customers from 17 January 2025, with exception to the 4-year fixed rate product, which is a rate-only product available to new customers only.
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