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;
For example if you have an existing Standard Variable Rate (SVR) of 4.50% (4.80% APRC) with a Loan to Value (LTV) of less than 50% you may be eligible to switch to an MVR of 3.70% (3.75% 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)|
|Loan to Value (LTV) rate||less than 50%|
|Duration of mortgage||20 years|
|Number of instalments||240 months|
|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 €6 monthly fee for maintaining the Explore account.
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.
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).
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%||3.77%||€5.90||€5.11||€4.60|
|Greater than 50% and less than or equal to 60%||3.80%||3.87%||€5.95||€5.17||€4.66|
|Greater than 60% and less than or equal to 70%||3.90%||3.97%%||€6.01||€5.22||€4.72|
|Greater than 70% and less than or equal to 80%||4.00%||4.08%||€6.06||€5.28||€4.77|
|Greater than 80% and less than or equal to 90%||4.20%||4.28%||€6.17||€5.39||€4.89|
|Greater than 90%||4.30%||4.39%||€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%.
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.
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.
Make sure you submit the following:
Please note: we cannot accept your application form without a completed valuation report attached.
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