Switching Mortgage FAQ's


Got a question about mortgages? Take a look at our FAQ below or give us a call on 1890 500 121 or +353 1 212 4101 for more info.

General Switching Mortgage FAQ

  1. Can I switch my mortgage to permanent tsb?
  2. How much could I borrow?
  3. Is there a minimum and maximum mortgage amount?
  4. How long will my mortgage last for?
  5. What insurance will I need?
  6. What fees are involved in switching my mortgage?
  7. Will I need to pay Stamp Duty?

Discounted Managed Variable Rates (MVRs) FAQ

  1. What are Discounted Managed Variable Rates (MVRs)?
  2. What are the rates available?
  3. What are the MVR rates?
  4. What customers can qualify for a Discounted MVR?
  5. Are Discounted MVRs available to existing permanent tsb customers, including those in arrears?
  6. Are Discounted MVRs available to Buy-to-Let customers?
  7. What about new customers whose loan-to-value is greater than 80%?
  8. How will customers know if they are entitled to a Discounted MVR?
  9. What will happen if I want to change my approval to a Discounted MVR?
  10. After 12 months will my repayments be affected when my mortgage matures to an MVR?
  11. How will I find out if my repayment changes during the term of my mortgage?
  12. How long will my mortgage stay on the MVR?
  13. Will the Bank convert any existing MVR customers to Discounted MVRs?

General Switching Mortgage FAQ

1. Can I switch my mortgage to permanent tsb? 

There are different lending criteria for different types of borrower. Check here to see which category you fall into:

I’m switching my mortgage from another bank to permanent tsb:

  • Maximum Loan to Value (LTV) of 90%
  • Minimum mortgage amount of €40,000
  • Minimum term of 5 years
  • Maximum term of 35 years

I’m switching my mortgage to permanent tsb and looking to borrow additional funds:

  • Maximum Loan to Value (LTV) of 80%
  • Minimum mortgage amount of €40,000
  • Minimum term of 5 years
  • Maximum term of 25 years

I’m switching my Buy-to-Let mortgage to permanent tsb:

  • Maximum Loan to Value (LTV) of 70%
  • Minimum mortgage amount of €40,000
  • Minimum term of 5 years
  • Maximum term of 25 years

back to top

2. How much could I borrow? 

Find out by getting Approval in Principle in just 15 minutes by either dropping into your nearest branch or calling 1890 500 156 or +353 1 215 1339. You don’t need to provide anything for Mortgage AIP, it’s simply a chat about your finances. We’ll ask you about how much you earn, what loans you have and what type of mortgage you’re looking to switch (i.e. how much you want to borrow and for how long) – this helps us decide how much we can lend you. While it’s not a final approval, this helps us to decide how much we could lend you.

back to top

3. Is there a minimum and maximum mortgage amount? 

The minimum mortgage amount you can borrow is €40,000. The maximum amount you can borrow depends on several factors such as your income and your capacity to repay your loan.

back to top

4. How long will my mortgage last for? 

Our minimum term is 5 years and our maximum term for home mortgages is 35 years. Our maximum term for Buy-to-let mortgages is 25 years.

back to top

5. What insurance will I need? 

It’s a requirement of your mortgage to have home insurance and life cover in place for the duration of your mortgage term. Talk to one of our Insurance Advisors in branch or on 1890 818 747 or + 353 1 655 0547 today. This policy can be obtained from a provider other than permanent tsb.

back to top

6. What fees are involved in switching my mortgage? 

As part of the switching process you will need to provide us with a current valuation of your property completed by a member of the Bank’s valuation panel. You will also need to appoint a solicitor to take care of the legal work involved. However our 2% cash back will go a long way to covering your legal fees!

back to top

7. Will I need to pay Stamp Duty? 

Property stamp duty is only payable on the purchase of a property and does not apply when switching your mortgage.

back to top

Discounted Managed Variable Rates (MVRs) FAQ

1. What are Discounted Managed Variable Rates (MVRs)? 

These are our new business variable rate products and are structured in terms of the Loan to Value (Level of debt as a percentage of the property value).

They represent a 0.50% reduction on our MVRs for the first 12 months of the mortgage for all Loan to Values up to 80%.

After the initial 12 months the Discounted MVR matures to our MVRs (dependent on the mortgages original LTV). The MVR will be 0.50% above the Discounted MVR.

back to top

2. What are the rates available? 
LTV Bracket Discounted MVR Rate
Less than or equal to 50% 3.20%
Greater than 50% & less than or equal to 60% 3.30%
Greater than 60% & less than or equal to 70% 3.40%
Greater than 70% & less than or equal to 80% 3.50%

After the initial 12 months your Discounted MVR matures to one of our MVRs (dependent on the mortgage LTV at drawdown), which are variable rates for our existing customers.

It's important to remember that Discounted MVRs are variable rates and can increase or decrease. The MVR may vary from time to time without regard to variations in any other interest rate used by permanent tsb.

back to top

3. What are the MVR rates? 

LTV Bracket MVR Rate

LTV Bracket MVR Rate
Less than or equal to 50% 3.70%
Greater than 50% & less than or equal to 60% 3.80%
Greater than 60% & less than or equal to 70% 3.90%
Greater than 70% & less than or equal to 80% 4.00%
Greater than 80% & less than or equal to 90% 4.20%
Greater than 90% 4.30%

back to top

4. What customers can qualify for a Discounted MVR? 

All new variable rate Home Loan customers whose LTV is 80% or less and who receive mortgage approval on or after 16th July 2015. These include:

  • First Time Buyers
  • Next Time Buyers
  • Tracker Portability (new funds element)
  • Switcher customers
  • Mortgage top-up customers
  • Equity release customers

back to top

5. Are Discounted MVRs available to existing permanent tsb customers, including those in arrears? 

No, existing permanent tsb customers cannot avail of our Discounted MVRs.

We will however shortly be writing to qualifying permanent tsb Home Loan customers outlining how they can transfer to one of our Base MVRs, which is assessed based on their current Loan to Value

back to top

6. Are Discounted MVRs available to Buy-to-Let customers? 

No, Discounted MVRs are not available to Buy-to-Let customers.

back to top

7. What about new customers whose loan-to-value is greater than 80%? 

We currently do not offer discounts to our MVRs at this LTV, however customers looking to apply for a mortgage with an LTV greater than 80% can continue to apply for our MVR’s or our comprehensive suite of fixed rates.

back to top

8. How will customers know if they are entitled to a Discounted MVR? 

Talk to one of our dedicated mortgage consultants who will be able to advise you whether or not you can qualify to apply for one of our Discounted MVRs.

You can also contact Open24 on 1890 500 121 or + 353 1 212 4101 and one of our qualified agents will also be able to advise you whether or not you can qualify to apply for one of our Discounted MVRs.

back to top

9. What will happen if I want to change my approval to a Discounted MVR? 

We will be writing to all Home Loan customers who have a Letter of Approval, but have not drawn down the loan, advising them about the launch of our Discounted MVRs.

If customer chooses the discounted variable rate they subsequently will receive a revised Letter of Approval confirming the change in rate and the mortgage Terms and Conditions, subject to satisfying full credit assessment and criteria.

back to top

10. After 12 months will my repayments be affected when my mortgage matures to an MVR? 

Your repayments will alter in line with the prevailing MVR at the date of maturity.

It’s important to remember that MVRs are variable rates and can increase or decrease. The MVR may vary from time to time without regard to variations in any other interest rate used by permanent tsb.

back to top

11. How will I find out if my repayment changes during the term of my mortgage? 

You will be notified in writing of any changes to both your rate and repayment. This will confirm your amended rate, repayment and the effective date.

back to top

12. How long will my mortgage stay on the MVR? 

Once your mortgage matures to a MVR this will remain on the MVR until a time where the you decide to change the terms and conditions of the product.

back to top

13. Will the Bank convert any existing MVR customers to Discounted MVRs? 

No. Discounted MVRs are only available to customers whose Letter of Approval is issued on or after 16th July 2015 and confirms that a Discounted MVR is the rate applying.

back to top

Back to top
Page loading