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Managed Variable Rate (MVR) Switch Offer

Permanent tsb provides existing Home Loan customers on Standard Variable Rate (SVR), Managed Variable Rate (MVR) and Fixed Rate mortgages the opportunity to move to a new Managed Variable Rate mortgage based on an up to date Loan to Value (LTV) evaluation. 

Eligible customers include;

  • Standard Variable Rate customers (SVR): All SVR customers, including Top Up customers, are eligible to avail of the MVR Switch Offer one time only subject to providing a completed valuation and a completed Rate Switch application form regardless of their drawdown date
  • Managed Variable Rates (MVR): All those who drew down their mortgage prior to the 1 July 2015 are eligible to apply for the MVR Switch Offer one time only subject to providing a completed valuation and a completed Rate Switch application form
  • Fixed Rate Customers: All Fixed Rate customers who drew down their mortgage prior to the 1 July 2015 are eligible to switch and avail of 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 to an MVR before the end of their agreed fixed rate period. Please note that if you choose to exit from your fixed rate before the end of your agreed fixed rate period you may incur a fixed rate exit fee.

For example if you have an existing Standard Variable Rate (SVR) of 4.50% (4.63% APRC) with a Loan to Value (LTV) of less than 50% you may be eligible to switch to an MVR of 3.70% (3.80% APRC). Based on this example a customer with an LTV of less than 50% with a loan of €100,000 over 20 years (240 monthly instalments) remaining on the balance of their mortgage and is currently on an SVR of 4.50% would be paying €632.65 with a total cost of credit amounting to €52,175.85 (total repayment amounting to €152,175.85) could reduce their monthly repayments if they availed of the switch to an MVR of 3.70% (3.80% APRC). Below is a representative example, for illustrative purposes, which provides the details of same:

Borrowing Rate Managed Variable Rate (MVR) 3.70% (3.80% APRC)
Mortgage Amount €100,000
Loan to Value (LTV) rate less than 50%
Duration of mortgage  20 years
Number of instalments 240 months
Monthly repayment €590.29
Total cost of credit €42,009.48
Total amount repayable €142,009.48

For this example, Annual Percentage Rate of Charge (APRC) of 3.80% applies and consists of variable borrowing rate of 3.70%, valuation fee, Property Registration Authority (PRA) fee, and security vacate fee. This APRC does not factor in the €4 monthly Explore Account maintenance fee.

The MVR Switch Offer is available to eligible customers one time only during their remaining mortgage term.

All Home Loan customers who took out a mortgage on a MVR or Fixed rate and drew down* prior to 1 July 2015 are eligible to apply. All SVR customers regardless of drawdown date are eligible to apply. To find out if you are eligible to switch please call us on 1890 500 121 or alternatively please see our MVR Switch Offer FAQ question number 4, “Who is eligible to apply”?

The MVR available to you will vary depending on the remaining amount outstanding on your mortgage facility and the value of the property in question. The highest available MVR a customer whose mortgage is equal to or greater than 90% of the value of their home, is 4.3%. This is 0.2% less than our current (SVR).

*To drawdown 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. 

How do I find out the value of my property?

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. 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).

What are our Managed Variable Rates?

Please see below our MVRs 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 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.

Need more information?

If you need more information then check out our list of Frequently Asked Questions as well as the MVR Rate Switch Offer Terms and Conditions.

There’s also a handy Jargon Buster for all those technical terms. 

Warning: The cost of your monthly repayments may increase.

Warning: If you do not keep up your repayments you may lose your home.

Warning: You may have to pay charges if you pay off a fixed-rate loan early.

Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.

Application checklist

Make sure you submit the following:

  • Completed application form
  • Completed property valuation report

Please note: we cannot accept your application form without a completed valuation report attached.

Application checklist

Make sure you submit the following:

  • Completed application form
  • Completed property valuation report

Please note: we cannot accept your application form without a completed valuation report attached.

Standard Variable Rate Change Calculators

Please input your current mortgage details:


Current property value

Balance outstanding

Term remaining (months) Term Remaining You can see your term remaining on your open24 account, if you don't have one you can register on www.open24.ie Close

Your current mortgage rate

Please fill in all the fields above to get started!

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