Got a question about our MVR Rate Switch Offer? Take a look at our FAQs below.
The Managed Variable Rate (MVR) Switch Offer is a one-time only opportunity available to all Standard Variable Rate (SVR) customers and Top Up customers regardless of their Drawdown date to avail of our MVR rates.
The offer is also available once to MVR customers who drew down prior to the 1 July 2015 and Fixed rate customers who drew down their mortgage prior to the 1st July 2015 to avail of our competitive suite of MVRs. The switch enables eligible customers to move down LTV bands once and avail of a lower interest rate.
Please be advised that the MVR switch programme is only available once to eligible customers. Customers are unable to avail of the switch more than once.
The full list of terms and conditions can be found here. To find out who is eligible please see here.
Please see below our Managed Variable Rates (MVR’s) as well as the cost per €1,000 proportionate to the term of the loan.
APRC stands for Annual Percentage Rate of Charge. LTV stands for Loan to Value. The quoted APRC is a typical APRC based on an assumed loan of €100,000 over a 20 year term. The Cost per Thousand (CPT) figures are calculated separately over terms of 20, 25 and 30 years.
Loan to Value (LTV) MVR |
Rate |
APRC |
CPT Over 20 Years |
CPT Over 25 Years |
CPT Over 30 Years |
Less than or equal to 50% |
3.70% |
3.80% |
€5.90 |
€5.11 |
€4.60 |
Greater than 50% and less than or equal to 60% |
3.80% |
3.90% |
€5.95 |
€5.17 |
€4.66 |
Greater than 60% and less than or equal to 70% |
3.90% |
4.01% |
€6.01 |
€5.22 |
€4.72 |
Greater than 70% and less than or equal to 80% |
4.00% |
4.11% |
€6.06 |
€5.28 |
€4.77 |
Greater than 80% and less than or equal to 90% |
4.20% |
4.32% |
€6.17 |
€5.39 |
€4.89 |
Greater than 90% |
4.30% |
4.42% |
€6.22 |
€5.45 |
€4.95 |
* Loan to Value is the outstanding balance of the mortgage facility calculated as a percentage of the value of the property. For example, if you have a mortgage of €100,000 on a house that's worth €200,000 you have an LTV of 50%.
For example
If the outstanding amount owed on your mortgage is less than 50% of the current value of your home, you will be able to avail of a more competitive rate; moving from today’s SVR of 4.50% to our new MVR of 3.70% (a cut of 0.8%, based on current rates).
Use our simple calculator to see how much you could save here.
Loan to Value or LTV is the outstanding balance of the mortgage facility calculated as a percentage of the value of the property. For example, if you have a mortgage of €100,000 on a house that's worth €200,000 you have an LTV of 50%.
*To draw down a mortgage is the term used to describe a situation whereby a customer’s solicitor has received funds on their behalf, from a financial institution in order to purchase a property.
Buy-to-Let, Commercial and Tracker mortgages are all excluded. All MVR and Fixed Rate customers who drew down* their loan after 30 June 2015.
*To draw down a mortgage is the term used to describe a situation whereby a customer’s solicitor has received funds on their behalf, from a financial institution in order to purchase a property.
We wrote to all eligible existing Home Loan customers (Standard variable rate, fixed and MVR customers) to invite them to switch to an MVR mortgage in September 2015. A reminder letter was also issued between June and July 2016 to all customers who were still eligible to avail of this offer. Please see Question 25 for your options if you cannot locate your MVR Switch Letter.
All eligible customers received a Mortgage Rate Switch Information Pack from permanent tsb in September 2015, which contained an application form, valuation voucher, important information, MVR repayment examples and terms and conditions of the offer.
A reminder letter was also issued between June and July 2016 from permanent tsb to eligible customers who had not yet availed of the offer. To apply for a MVR please take the following steps:
Yes. If your mortgage is currently in arrears or in an Alternative Repayment Arrangement (ARA), you can still apply to avail of the rate switch to an MVR provided you are otherwise eligible. Please contact us on 1890 500 157 to find out how your mortgage repayment will be impacted.
The MVR Rate Switch Offer will be available to customers who have an LTV greater than 90%, including those in negative equity.
If you have a OnePlan and were eligible for the offer you would have received an MVR Switch pack from permanent tsb which contained an application form. To switch to an MVR you must give the authority to permanent tsb to set-off any remaining funds in your OnePlan Holding Account so that the resulting balance outstanding is the current balance on which you are making repayments under your OnePlan mortgage.
Please sign the “OnePlan Mortgages” section in the MVR Switch application form if you authorise the transfer of the remaining amount towards your mortgage balance. Your OnePlan Holding Account will then be closed.
If a OnePlan customer applies to switch their mortgage to an MVR they must return their cheque book to permanent tsb and confirm there are no cheques currently outstanding or issued in the 7 days prior to completing their application.
OnePlan Accounts will be switched to an MVR mortgage within 30 days from receipt of application, subject to completion of the application form in full and the completed application form and valuation being submitted together.
If you are a OnePlan account holder and would like to find out if you are eligible, please call us on 1890 500 121.
If you have any undrawn amounts on your mortgage, you can apply to switch to an MVR if certain conditions are met once you are found to be eligible. The conditions include:
If remaining funds are to be drawn down, all loan offer conditions/ Bank requirements have been met in relation to stage payments or undrawn amounts generally, including production of the certificate of compliance.
Any undrawn funds must be drawn down or waived by the customer.
Please sign the “Self Build Mortgages or Mortgages with other Undrawn Amounts” section on the MVR Switch Offer application form if you wish to waive the drawn down of the remaining undrawn funds.
If your mortgage is secured on another property or properties (referred to as “cross charged property”) in addition to your home, you will need to obtain valuations from a permanent tsb panel valuer in respect of such cross charged property. This will be at your own expense. Valuation fee will be a maximum of €130, which is inclusive of VAT but excludes valuer’s travel expenses (up to 10 miles - €0, 11-20 miles – €6, over 21-25 miles - €8). The Managed Variable Rate which will apply will depend on the balance of your outstanding home loan mortgage(s) divided by the combined valuations of your home together with such other cross charged property.
If your Home Loan term has expired and a balance remains due to permanent tsb, we will be unable to process a switch to an MVR until a new home loan term has been agreed and put in place on your mortgage. Please contact us on 1890 500 157 and we will advise you of the next steps required to make the switch to an MVR.
An MVR Switch Offer application will be processed no later than 10 working days from receipt (excluding OnePlan Accounts: which can take up to 30 days), subject to completion of the application form and valuation being submitted together.
The MVR will be applied from the date of the rate switch being completed, the repayment will be changed allowing for 15 days’ notice before the next bill (if next bill is less than 15 days following the rate switch, repayment will not be changed until following bill).
If your mortgage is currently in arrears or in an Alternative Repayment Arrangement (ARA), you can still avail of the rate switch to an (MVR if you are eligible. Please contact us on 1890 500 157 to find out how your mortgage repayment will be impacted).
The Offer to switch to an MVR is available once to eligible existing Home Loan customers under this current Offer and is subject to availability.
This Offer is available to all SVR and Top Up customers regardless of their draw down date. Both Managed Variable Rate and Fixed Rate Home Loan customers who drew down their mortgage prior to the 1st July 2015 are eligible.
This offer excludes Buy-to-Let, Commercial and Tracker mortgages. All MVR and Fixed Rate customers who drew down* their loan after 30th June 2015 are also excluded.
The full list of appointed property valuers can be viewed here. Customers can contact their chosen local property valuer and use the voucher included to instruct and pay for the valuation of their property.
In the event that you are experiencing difficulty in obtaining an appointment for a valuer to value your property please select an alternative valuer from your local area. The full list of appointed property valuers can be viewed here.
The valuation report will be valid for a period of 4 months from its date of issue. Should the valuation expire upon submission or at the time the application is processed, the customer may be instructed by permanent tsb to resubmit a new valuation. Should this occur the subsequent valuation will need to be paid for by the customer.
No. The original signed valuation report from a permanent tsb appointed property valuer will only be accepted as part of the MVR Switch Offer application process. Please ensure that the original valuation report is submitted alongside your MVR Switch Offer application form.
If you have misplaced your valuation voucher and require a replacement voucher, download and print the Replacement Mortgage Rate Switch Pack Request Form (pdf, 62KB).
Return the completed form to; Mortgage Rate Switch Team, permanent tsb, 4th Floor, 56-59 St. Stephens Green, Dublin 2. Once your Replacement Mortgage Rate Switch Pack Form has been received and approved a replacement valuation voucher will be issued out to you.
Yes. If you have misplaced your application pack after receiving your valuation please contact 1890 500 157 or +353 1 215 1345, and a new application pack (excluding the valuation voucher) will be issued out to you.
A split mortgage, which is split into a main mortgage amount and warehouse amount, is treated as one mortgage with both amounts added together so that the LTV is based on the combined amount and the appropriate MVR for that amount and LTV is then applied.
*The term warehouse refers to a situation whereby a segment of the outstanding balance on the mortgage facility is put aside and paid off at another date. The remaining segment is then paid for as normal. This lowers monthly repayment amounts for those who are struggling to make their monthly repayments and is seen as treatment which will appear on their ICB (Irish Credit Bureau). Your ICB is your Irish credit rating and lenders will review this to gain an insight into your ability to repay a loan.
If you drew down your mortgage prior to the 1 July 2015 you will be able to avail of the MVR Switch Offer once, upon expiry of your fixed term. Eligible existing fixed rate customers can apply to switch to our new MVRs upon expiry of their fixed rate period subject to providing a completed valuation and a completed Rate Switch application form. The MVR applicable will be the rate on offer at the time of switching.
Customers can also apply to switch their Fixed Rate mortgage to an MVR before the end of their agreed fixed rate period. Please note that if you choose to do so and therefore exit from your fixed rate before the end of your agreed fixed rate period you may incur a fixed rate exit fee known as breakage fee. More information about breaking out of the fixed rate can be found here, or alternatively, please enquire about the best option for you at your branch.
The full list of Terms and Conditions for the Mortgage Rate Switch Offer can be found here.
If you have misplaced your valuation and require a replacement, please download and print the Replacement Mortgage Rate Switch Pack Request Form (pdf, 62KB).
Alternatively if you are unsure as to whether or not you are eligible please call us on 1890 500 121
Please return the completed form to: Mortgage Rate Switch Team, permanent tsb, 4th Floor, 56-59 St. Stephens Green, Dublin 2. Once your Replacement Mortgage Rate Switch Pack Form has been received and approved a replacement valuation voucher will be issued out to you. Should you have any further queries please contact 1890 500 157 or +353 1 215 1345.