Permanent TSB to cut mortgage rates

Permanent TSB has become the third bank to reduce mortgage rates in the last three weeks.

It has reduced a three-year fixed rate for first-time buyers from 3.30% to 3.15% and dropped its five-year fixed rate from 3.40% to 3.25%.

The bank has also cut a number of fixed rates for borrowers with a loan-to-value ratio of 60% to 80% by 0.15%, a cut that can mean significant savings for the mortgage holder over the lifetime of the loan.