PTSB cuts mortgage rates for new customers

Permanent TSB has announced a series of interest rate cuts of between 0.35% and 0.42% to its mortgage products for new customers as it attempts to gain a bigger slice of the market.

The State-owned bank will now offer a managed variable rate of 3.76% for new customers with a loan-to-value of less than 50%, which is a 0.36% decrease on the existing rate. The new rate will come into effect on January 12.

For customers with a loan-to-value of 70%-80%, there will be a 0.42% cut in the managed variable rate to 4.07%. The bank will apply different interest rates according to the size of the loan-to-value ratio of the mortgage.