permanent tsb bank has announced a 0.5% cut in the bank’s Standard Variable Mortgage Rate for residential mortgage customers. The cut will reduce the Standard Variable Mortgage Rate at permanent tsb from 5.19% to 4.69% and moves it closer in line with the rates available from competitors. 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 will take effect from May 14th.
A total of 74,500 customers will benefit from this reduction. For a customer with a mortgage of €200,000, the reduction will mean a reduction in monthly mortgage repayments of €52.05.
Speaking today, Mr. Masding said that the move was part of the strategy to create a new, viable banking business focussed on the retail market;
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.