Permanent tsb reduces mortgage rate by 0.5%

Permanent tsb bank has announced a 0.5% cut in their variable rate home loans for home owner mortgage customers only.

The new rate of 4.69% takes effect from May 14th for owner-occupiers only.

Jeremy Masding, the new Chief Executive of permanent tsb, has also confirmed that the bank will keep all lending rates under regular review.

The cut means that a person with a mortgage of €200,000, the reduction will mean a reduction in monthly mortgage repayments of €52.05.

A bank said a total of 74,500 customers will benefit from the move.

Mr Masding said that the move was part of the strategy to create a “new, viable banking business” focussed on the retail market.

He said: “We are setting out to create a more competitive bank, that has a viable future in this market and that treats its customer fairly. This move is an important statement of our intent.”