NIB and ptsb join list of rate cutters

National Irish Bank and permanent tsb today confirm that they intends to pass on the full 0.5% interest rate cut announced yesterday by the ECB to its standard variable rate and tracker mortgage customers.

NIB’s rate cut will be effective from the Wednesday, October 15 for tracker mortgages and from Monday, October 27 for standard variable rate mortgages.

This will mean that the NIB standard variable mortgage rate will fall from 5.90% to 5.40%.

Permanent tsb bank’s headline standard variable rate will fall to 5.44%.

The reduction will save customers on a €300,000 mortgage approximately €95 a month.