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