Qualifying home loan customers to receive 2% of the value of their mortgage in cash for their own use
For example, qualifying customers with a €300,000 mortgage will receive €6,000 in cash
permanent tsb has announced details of a major new product being launched for the Irish mortgage market.
The ‘3 in 1’ Mortgage is available from today, Monday 11th January. The new product will offer home loan customers three key features:
[Full details including terms and conditions are available from branches and online.]
Speaking today, Niall O’Grady, Director of Customer Products, said:
This new product will form a key part of our new business strategy for the coming year. It’s very customer focussed and we are very confident that it will provide a compelling proposition for home loan customers considering mortgage options.
O’Grady said that the 2% cash back offer was particularly significant;
We have researched various options with customers over the past six months or so and the 2% cash back has proven to be a very strong attraction for customers. By matching that offer with a compelling 12-month discount on most of our managed variable rates and with some welcome features offering customer flexibility around payment options and dates; we believe we have a compelling offer for the market place.
The new product will be available for First Time Buyers, Movers (excluding Negative Equity and Tracker Portability customers), Self-Build customers and customers switching their mortgage to permanent tsb.
The table below gives example of what the 2% cash back offer will mean for customers with various mortgage amounts.
|Mortgage Amount||2% Cash Back|
The 2% cash back is available on mortgages approved before the 30th June 2016 including those who have received full Letter of Approval before the 11th of January and not drawn down their funds prior to this date (subject to them requesting and receiving a new Letter of Approval).
The bank reserves the right to seek a refund of the full payment of 2% cash back if the mortgage is paid back within 5 years.
The flexible options include:
Niall O’Grady says that the flexible options will enable customers to take more control over how they manage their mortgages over the lifetime of the loan;
people now expect more flexibility in terms of their financial affairs and these options will allow customers a greater degree of control over their mortgage and ensure that they can manage it in a way which better suits their own needs and priorities.
[Certain Terms and conditions apply to these flexible options which are set out in detail in the relevant product brochures].