PTSB announces new cut to mortgage interest rates

The reductions will apply to its three-year, four-year, five-year. and seven-year fixed rate mortgages. 

PTSB has announced an interest rate reduction on its fixed rate mortgages of between 0.15% and 0.45%, depending on length of the term, marking the sixth set of reductions since December 2023.

The reductions will apply to the bank’s three-year, four-year, five-year, and seven-year fixed-rate term mortgages. The new rates come into effect immediately and are available to both new and existing personal customers.

“Customers whose loan applications have been approved at the current 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,” PTSB said.

The three-year and four-year fixed term will see a reduction of 0.15% to 3.9% and 3.25% each, the five year-fixed term rate will be reduced by 0.30% to 3.75%, and the seven-year fixed term will be reduced by 0.45% to 3.6%.

According to the bank, a customer on the seven-year fixed term with a balance of €200,000 would save €47 per month, based on a remaining 20-year term.

Rates on certain green mortgages are also reducing by up to 0.20%.

Head of products and pricing strategy at PTSB Dermot Ryan said the new lower fixed-rate mortgages “should help First Time Buyers and provide more options for those seeking rate certainty for longer terms.”