permanent tsb is making a number of changes to its mortgage pricing for new business to complement its move earlier this month to offer all existing customers the opportunity to move off their Standard Variable Rate mortgages.
The bank is launching a 0.50% discount for 12 months for new variable rate mortgage customers. The move will mean new mortgage customers can secure variable rate mortgages from 3.2% (where their loan to value is less than or equal to 50%). In addition the bank is launching a series of new fixed rate pricing which includes a market leading 1 year fixed rate of 3.29% (where the loan to value is less than or equal to 80%).
As permanent tsb charges different variable rates depending on the loan to value of the property being mortgaged the following rates will apply for the first 12 months of the mortgage.
|LTV||Rate including Discount (for 12 months)||Includes discount for 12 months of|
|Less than or equal to 50%||3.2%||-0.50%|
|Greater than 50% and less than or equal to 60%||3.3%||-0.50%|
|Greater than 60% and less than or equal to 70%||3.4%||-0.50%|
|Greater than 70% and less than or equal to 80%||3.5%||-0.50%|
Speaking today, Mr. Richard Kelly, Head of Mortgages at permanent tsb bank said that the move was part of the bank’s new business drive;
we are determined that we will offer new and existing mortgage customers the most competitive and attractive range of mortgages in the market and today’s news is part of our long term policy in this area.
Mr. Kelly confirmed that permanent tsb would be writing to over 70,000 existing mortgage customers in August to advise them how to apply to move their mortgage from a Standard Variable Rate to a Managed Variable Rate in order to secure significant rate reductions.