PTSB have today announced that their variable and fixed rate home loan mortgage customers now have the opportunity to ‘Switch’ to their competitive suite of Managed Variable Rates (MVRs).
This means that over 70,000 existing home loan customers on a Standard Variable Rate (SVR) mortgage of 4.50% will be invited to apply for an MVR rate which starts at 3.70% for less than 50% loan-to-value. This could mean a saving of up to €10,000 for a home loan customer with a €100,000 (20 years remaining) mortgage on a home worth €250,000!
In addition, customers who have an existing MVR mortgage with ptsb can apply if the amount of equity they have in their home has increased and as a result may benefit under the new policy.
Customers currently on fixed rates will be in a position to opt for an MVR mortgage as one of the options they can consider at the maturity of their fixed rate. Customers can also move to an MVR mortgage sooner if they choose to break from their fixed rate (subject to paying a breakage fee and other terms and conditions that might apply to their fixed rate).
PTSB will write in the coming weeks to all Home Loan Variable, Home Loan Managed Variable Rate and Home Loan Fixed Rate customers which will provide all the information and next steps required to apply for an MVR rate
|Amount of loan as a percentage of the value of the home (MVR)||Current Standard Variable Rate||Managed Variable Rates||Reduction in interest rate|
|>50% – ≤60%||3.80%||0.70%|
|>60% – ≤70%||3.90%||0.60%|
|>70% – ≤80%||4.00%||0.50%|
|>80% – ≤90%||4.20%||0.30%|
- All Home Loan MVR Customers will be given the option to move between the various LTV bands based on their present LTV. Example, if a customer’s LTV at drawdown was 82% (Current Rate 4.20%) and their LTV reduces to 75%, their interest rate will reduce from 4.20% to 4.00%
- All Home Loan Fixed Rate Customers can also apply for an MVR rate at maturity or sooner subject to paying an early breakage fee
- An up to date valuation will be required to apply for an MVR rate and will be paid by the bank. Full details on the valuation process will be included in the customer information letter which will be issued to all Variable & Fixed Home Loan customers by end of July
- This offering is not available to Buy-To-Let customers
- Mortgage Payment Savings Calculator is available here
- Current Managed Variable Rates are available here
If you have any queries please contact Lorraine on 087 2608988 or firstname.lastname@example.org