PTSB to pass on interest rate cut

Permanent TSB bank has confirmed that it will cut mortgage rates by 0.25% following today’s surprise announcement by the ECB that it will cut its own interest rates by that amount.

"Permanent TSB bank has confirmed that it will pass on the reduction in full to customers on both Variable and Tracker Rate mortgages," a statement said.

The cut in rates will be effective from November 21.

The new SVR rate for Permanent TSB bank – after this cut is introduced – will be 5.44%.

KBC Bank Ireland also said it was passing on the full ECB decrease to its tracker and variable rate mortgage customers, with effect from December 1.