Managed Variable Rate (MVR) Switch Offer FAQ


Got a question about our MVR Rate Switch Offer? Take a look at our FAQs below.

Frequently Asked Questions

  1. What is the Managed Variable Rate (MVR) Mortgage Rate Switch?
  2. What are the Managed Variable Rates (MVRs)?
  3. What is Loan to Value (LTV)?
  4. Who is eligible to apply?
  5. Who does not qualify for the MVR Rate Switch?
  6. When will I receive my MVR Rate Switch letter?
  7. How do I apply to switch to an MVR mortgage?
  8. Is the MVR Rate Switch Offer available to Arrears/Alternative Repayment Arrangement customers?
  9. What if my Loan to Value (LTV) is greater than 90%?
  10. I have a OnePlan mortgage, how do I switch to an MVR mortgage?
  11. I have a Self Build Mortgage or have undrawn amounts on my mortgage, how do I switch to an MVR mortgage?
  12. My mortgage is secured by more than one property, how will the MVR mortgage be applied?
  13. My mortgage term has expired, how do I switch to an MVR mortgage?
  14. When will the new MVR be applied?
  15. How long will the MVR Mortgage Rate Switch Offer be available?
  16. Where do I obtain the list of permanent tsb appointed property valuers?
  17. I have contacted a permanent tsb appointed property valuer, but I am unable to get appointment?
  18. What happens if my property valuation has expired?
  19. Is a copy of my property valuation report acceptable to the bank?
  20. I have misplaced my valuation voucher; can I request a new voucher?
  21. I have my valuation but misplaced my application pack, can I request a new pack?
  22. I have a mortgage which has been split into a Main Mortgage amount and a Warehouse amount and I wish to avail of the switch. Are the amounts treated as separate amounts or separate mortgages when calculating the Loan to Value for the appropriate MVR?
  23. I am a fixed rate customer, can I avail of the MVR switch offer?
  24. Mortgage Rate Switch Offer Terms and Conditions
1. What is the Managed Variable Rate (MVR) Mortgage Rate Switch?

The Managed Variable Rate (MVR) Rate Switch is an opportunity for our existing Variable and Fixed rate home loan mortgage customers to avail of our competitive suite of MVRs.

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2. What are the Managed Variable Rates (MVRs)?

To see how your interest rate might change with an MVR mortgage, this table sets out the different rates which currently apply.

Loan to Value MVR Rate
Less than or equal to 50% 3.70%
Greater than 50% and less than or equal to 60% 3.80%
Greater than 60% and less than or equal to 70% 3.90%
Greater than 70% and less than or equal to 80% 4.00%
Greater than 80% and less than or equal to 90% 4.20%
Greater than 90% 4.30%

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3. What is Loan to Value (LTV)?

Loan to Value (LTV) is how much a customer’s mortgage is in relation to how much their property is worth. It reflects the percentage of the customer’s property that is mortgaged, and the amount that is the customers (the amount a customer owns is usually called “equity”).

For example, if you have a mortgage of €150,000 on a house that's worth €200,000 you have an LTV of 75%.

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4. Who is eligible to apply?

The offer to switch to an MVR is available once under this current offer and is subject to availability.

  • Variable Rate Customers. These customers will be invited to switch across to one of the bank’s MVR rates based on their updated LTV, subject to providing an up-to-date valuation and a completed Rate Switch application form.
  • Existing Fixed Rate Customers. These customers can apply to switch to our new MVR rates 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 rate to an MVR before the end of their agreed fixed rate period. Please note that if you exit from your fixed rate before the end of your agreed fixed rate period you may incur a fixed rate exit fee.
  • Existing Managed Variable Rate Customers. These customers will remain on their existing MVR rates. However, subject to providing a completed valuation, they will be offered the same opportunity as Variable Rate customers to switch to a lower MVR band based on their updated LTV and a completed Rate Switch application form.

This offer is available to Variable and Fixed Rate home loan customers and excludes tracker mortgages. This offer also excludes Commercial and Buy-to-Let mortgages.

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5. Who does not qualify for the MVR Rate Switch?

Buy-to-Let, Commercial and Tracker mortgages are all excluded.

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6. When will I receive my MVR Rate Switch letter?

permanent tsb wrote to all eligible existing home loan customers to invite them to switch to an MVR mortgage on the 18 September 2015. A reminder letter will also be issued by the 11 July 2016 to all Variable Rate customers who are still eligible to avail of this offer.

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7. How do I apply to switch to an MVR mortgage?

All eligible Variable Rate customers received a Mortgage Rate Switch Information Pack from permanent tsb on the 18 September 2015, which contained an application form, valuation voucher, important information, MVR repayment examples and terms and conditions of the offer.

A reminder letter will also be issued by the 11 July 2016 from permanent tsb to eligible Variable Rate customers who have not yet availed of the offer. To apply for a Managed Variable Rate please take the following steps:

  1. Contact one of the valuers appointed by permanent tsb to carry out a valuation of your property. The full list of appointed property valuers is available to view here. Use the voucher provided to you to instruct and pay for the valuation of your property.
    • Your chosen valuer must be certified by permanent tsb to carry out a valuation in your area. Your valuer will be able to confirm this for you.
    • If your loan is secured on another property (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 but at your own expense. Valuation fee will be a maximum of €130, which is inclusive of VAT but excludes valuer’s travel expenses.
    • Only one valuation can be provided using the valuation voucher.
  1. Complete the application form provided in your Rate Switch pack and return the form, along with the completed property valuation, in the addressed envelope included with your Rate Switch pack to: Mortgage Rate Switch Team, permanent tsb, 4th Floor, 56-59 St. Stephen’s Green, Dublin 2. Alternatively you can drop in to your nearest permanent tsb branch.
  1. permanent tsb will review your completed application to switch, and if approved, and based on the current LTV, will switch your current mortgage rate to the relevant MVR.
  1. permanent tsb will correspond directly with customers who have switched to an MVR and will advise of the new rate. permanent tsb will subsequently correspond directly with customers confirming their revised monthly repayment following their switch to an MVR.

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8. Is the MVR Rate Switch Offer available to Arrears/Alternative Repayment Arrangement customers?

If your mortgage is currently in arrears or in an Alternative Repayment Arrangement (ARA), you can still avail of the rate switch to a Managed Variable Rate (MVR). Please contact us on 1890 500 157 to find out how your mortgage repayment will be impacted.

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9. What if my Loan to Value (LTV) is greater than 90%?

The MVR Rate Switch Offer will be available to customers who have an LTV greater than 90%, including those in negative equity.

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10. I have a OnePlan mortgage, how do I switch to an MVR mortgage?

You will receive from permanent tsb an MVR Rate Switch pack which will contain 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 Rate 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.

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11. I have a Self Build Mortgage or have undrawn amounts on my mortgage, how do I switch to an MVR mortgage?

If you have any undrawn amounts on your mortgage, you can apply to switch to an MVR if certain conditions are met, such as:

      • 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 Rate Switch application form if you wish to waive the drawn down of the remaining undrawn funds.

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12. My mortgage is secured by more than one property, how will the MVR mortgage be applied?

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 interest 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.

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13. My mortgage term has expired, how do I switch to an MVR mortgage?

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.

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14. When will the new MVR be applied?

An MVR Rate Switch application will be processed no later than 10 working days from receipt (excludes OnePlan Accounts: 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, 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 a Managed Variable Rate (MVR). Please contact us on 1890 500 157 to find out how your mortgage repayment will be impacted.

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15. How long will the MVR Mortgage Rate Switch Offer be available?

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 variable and fixed rate home loan customers and excludes tracker mortgages. This Offer also excludes Commercial and Buy-to-Let mortgages.

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16. Where do I obtain the list of permanent tsb appointed property valuers?

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.

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17. I have contacted a permanent tsb appointed property valuer, but I am unable to get appointment?

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.

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18. What happens if my property valuation has expired?

The valuation report will be valid for a period of 3 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 the Bank to resubmit a new valuation. Should this occur the subsequent valuation will be paid for by the customer.

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19. Is a copy of my property valuation report acceptable to the bank?

The original signed valuation report from a permanent tsb appointed property valuer will only be accepted as part of the Mortgage Rate Switch application process. Please ensure that the original valuation report is submitted alongside your Mortgage Rate Switch application form.

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20. I have misplaced my valuation voucher; can I request a new voucher?

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.

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21. I have my valuation but misplaced my application pack, can I request a new pack?

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.

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22. I have a mortgage which has been split into a Main Mortgage amount and a Warehouse amount and I wish to avail of the switch. Are the amounts treated as separate amounts or separate mortgages when calculating the Loan to Value for the appropriate MVR?

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.

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23. I am a fixed rate customer, can I avail of the MVR switch offer?

Upon expiry of your fixed term, you will be able to avail of the MVR, subject to availability of this offer at that time. Existing fixed rate customers can apply to switch to our new MVR rates 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 rate to an MVR before the end of their agreed fixed rate period. Please note that if you exit from your fixed rate before the end of your agreed fixed rate period you may incur a fixed rate exit 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.

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24. Mortgage Rate Switch Offer Terms and Conditions

The full list of Terms and Conditions for the Mortgage Rate Switch Offer can be found here.

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