Permanent TSB and NIB cut interest rates
Permanent TSB announced a cut of 0.5% in it’s standard variable mortgage rate. The move follows the recent decision by the European Central Bank (ECB) to reduce rates by the same amount (0.5%). Following the reduction, the standard variable rate from Permanent TSB will be 4.2% for existing customers. The move will mean a saving of 40.39 per month for a customer with a mortgage of 150,000 over 20 years. Mortgage repayments made after December 30 will reflect the new rate.
The bank has also announced the creation of a two-year fixed rate term with an interest rate of just 3.99% for new borrowers. This is the cheapest two-year fixed rate mortgage on the market. Permanent TSB head of marketing Niall O’Grady said the new rate gives new customers the longer-term security of lower repayments: “Many first time buyers are looking to have their monthly payments secured on a low rate for the medium term.
