MVR Switch Offer Terms and Conditions

Check out our terms and conditions for the Managed Variable Rate (MVR) Switch Offer.


  1. The Mortgage Rate Switch Offer (“the Offer”) may be availed of by a borrower at any time but permanent tsb (“the Bank”) reserves the right to terminate the Offer at its discretion. To avail of the Offer, the borrower must complete an application form and submit it to permanent tsb together with a valuation report stating the current market value of the borrower’s principal private residence which is the security for the borrower’s mortgage (“the Mortgaged Property”). All parties to the mortgage must sign the application form for the Offer.
  2. The borrower must choose a valuer from the Bank’s panel of approved valuers to value the Mortgaged Property and only valuation reports received from such valuers are acceptable to the Bank for the purposes of the Offer.
  3. Only one valuation report must be submitted and the valuation report must be on a full valuation basis (rather than on a “drive-by” basis).
  4. The Bank will pay the valuers fee on receipt of a voucher directly from the valuer which must be given by the borrower to the valuer on carrying out the valuation.
  5. The valuation report will be valid for a period of 3 months from its date. The Bank reserves the right to not accept the valuers report if the Bank believes, in its reasonable opinion it does not accurately reflect the current market value of the Mortgage Property or the valuation report does not bear the voucher number on the voucher provided to the borrower relevant to the borrower’s mortgage account or for some other reason subject to applicable law.
  6. On receipt of the completed application form, the Bank will ascertain the Loan to Value (“LTV”) ratio of the loan by assessing the amount outstanding on the loan relative to the value of the Mortgaged Property as stated in the valuers report. The Bank will then apply the Managed Variable Rate, which is appropriate to the rate band applicable to the LTV ratio of the loan, as the interest rate applicable to the loan.
  7. The borrower accepts that the LTV of the Mortgaged Property will determine the Managed Variable Rate which will apply to the borrower’s loan in accordance with the rate bands (details of which have been provided to the borrower on or prior to the date of application for the Offer) applied by the Bank for such purpose and that such interest rate will apply no later than 10 working days from the date of receipt by the Bank of the application form and valuation report save in respect of OnePlan loans where the interest rate will be applied not later than 30 days from the date of such receipt.
  8. Once a rate has been switched from the existing rate applicable to the loan to the appropriate Managed Variable Rate in accordance with the Offer, no further switch will be permitted (save a switch to a fixed interest rate where available) and the borrower will be bound to repay the loan at the appropriate Managed Variable Rate as may be varied from time to time at the discretion of the Bank during the remaining term of the mortgage. Accordingly such variations may be made without regard to variations in any other interest rate used by the Bank (including any Managed Variable Rate applicable to different LTV bands, any other rate based on LTV ratios, the permanent tsb standard variable rate or the European Central Bank rate) and irrespective of variations of the LTV ratio of the borrower’s loan during the remaining term of the mortgage.
  9. Where the borrower’s loan is subject to an interest rate which is fixed for a certain period and the borrower wishes to avail of the Offer, the borrower may choose to break the fixed interest rate period and pay the applicable fixed rate exit fee or alternatively wait until expiry of the fixed rate period at which point the borrower may choose to avail of the Offer unless the Bank has terminated the Offer prior to that date. Where a borrower breaks a fixed interest rate period for the purpose of availing of the Offer, it will not be possible for the borrower to return to that fixed rate at any time thereafter. The Bank may offer a further fixed interest rate but such fixed interest rate will be at a rate and for such period as the Bank in its absolute discretion will decide.
  10. Where the borrower’s loan is subject to an adjustment (other than an Alternative Repayment Arrangement agreed under the Code of Conduct on Mortgage Arrears), where the Bank has agreed a specific interest rate other than that specified in the Letter of Approval (allowing for subsequent changes in interest rates from time to time), the borrower may avail of the Offer but the said arrangement will terminate and will not therefore be continued or carried forward in respect of the Managed Variable Rate available under the Offer.
  11. Where the borrower’s loan is a OnePlan loan and the borrower wishes to avail of the Offer, the borrower authorises the Bank to transfer any balance in the Holding Account to be applied as a set-off in respect of the loan amount specified in the borrower’s Letter of Approval so that the resulting balance outstanding is the current balance on which the borrower is making repayments under the OnePlan mortgage. As a consequence, no further withdrawals may be made from the Holding Account and the Holding Account will be closed. No OnePlan cheques must be written in the seven day period up to the date of application by the borrower to avail of the Offer and all unused OnePlan Cheques must be returned to the Bank prior to or at the date of the said application.
  12. Where the borrower wishes to avail of the Offer and the borrower has been approved a loan which (i) is to be advanced by stage payments and no stage payments or not all stage payments have been drawn down or (ii) is subject to a “holdback” of part of the advance or (iii) for whatever reason not all the amount of the advance has been drawn down, the borrower must either (a) draw down all outstanding stage payments, holdbacks or all undrawn amounts prior to availing of the Offer or (b) forego the drawdown of such stage payments, “holdback” amounts or other undrawn amounts provided however that the Bank gives no warranty or assurance that in either the circumstances of (a) or (b), the Offer will still be available to the borrower, the Offer having been terminated by the Bank.
  13. Where either of the circumstances set out in (a) or (b) of condition 12 applies and the borrower wishes to avail of the Offer (if still available), the borrower must furnish to the Bank the appropriate architect’s or engineer’s certificate or opinion of compliance with planning permission and building regulations in respect of the Mortgaged Property which is satisfactory to the Bank.
  14. This Offer is available in respect of Home Loans only (excluding tracker rate loans, that is, loans which track the European Central Bank Refinancing rate) and is based on the loan type at the time of mortgage drawdown. Drawdown of the loan must have taken place on or prior to the 30th June 2015 or, in the case of a stage payment loan or where there is another “holdback” or undrawn amount, where the drawdown of the first stage payment or other payment has taken place on or prior to the 30th June 2015, save where the Bank in its absolute discretion, permits otherwise.
  15. Where the borrower has been advanced one or more additional loans which is/or are secured on the Mortgaged Property, the outstanding balances of any such loan or loans will be aggregated for the purposes of calculating the LTV ratio to be applied to the relevant rate band for such LTV ratio in respect of the loan on the Mortgaged Property and the appropriate Managed Variable Rate will apply.
    1. Where the existing interest rate is split between a variable rate and a fixed rate and where the borrower wishes to avail of the Offer in respect of both variable rate and (subject to condition 9) fixed rate portions of the loan at the same time, the outstanding amounts in respect of each portion will be aggregated for the purpose of calculating the LTV ratio of the loan to be applied to the relevant rate band for such LTV ratio and each portion will have the same LTV ratio based on the aggregated loan amount accordingly.
    2. Where the borrower wishes to avail of the Offer at different times, a second or subsequent valuation report will be required, at the Bank’s expense, in accordance with conditions 2 to 5 hereof and on each occasion of the switch in respect of each portion, the outstanding amounts of both variable rate portion and the fixed rate portion (or if the fixed rate portion was already switched, the outstanding amount of the former fixed rate portion) will be aggregated for the purpose of calculating the LTV ratio of the loan to be applied to the relevant rate band for such LTV ratio.
    3. The Offer in (a) and (b) above can only be availed of once in respect of the variable rate and fixed rate portions. No warranty or assurance is given by the Bank that at the time the borrower wishes to avail of the Offer in respect of either or both portions, that the Offer will still be available.
  16. Where the loan is secured on one or more properties which are additional to the Mortgaged Property (“cross charged properties”), the borrower will be required to obtain a valuation report in respect of such cross charged properties and these terms and conditions will apply to such additional valuation report(s) save that such report(s) will be obtained at the borrower’s expense. The additional valuation(s) will be aggregated with the valuation in respect of the Mortgaged Property and the LTV ratio of the Mortgaged Property will be the ratio to which the aggregate values of the Mortgaged Property and the cross charged properties bear towards the outstanding amount of all loans secured on the Mortgaged Property and the cross charged properties.
  17. In all other respects the terms and conditions of the borrower’s loan, in respect of the Mortgaged Property, remain unchanged.
  18. For the avoidance of any doubt, the Bank may vary the Managed Variable Rate applicable to any particular rate band from time to time at its absolute discretion.
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