Skip to main content

Permanent TSB (PTSB) has announced significant reductions in its fixed-rate mortgage products, marking its fourth rate cut since December 2023. These changes, effective from January 17, 2025, are designed to enhance competitiveness in the Irish mortgage market and deliver value to borrowers.

Key Updates from the Rate Cuts

1.     Market-Leading 3% Rate

PTSB has introduced a standout fixed rate of 3% for customers with Loan-to-Value (LTV) ratios under 60% on its four-year fixed product. This positions PTSB as one of the most competitive lenders in the Irish mortgage market.

2.     Broad-Based Reductions

Mortgage rates have been reduced across various terms:

  • Two, three, five, and seven-year fixed-rate products.
  • Rate reductions range from 0.15% to as much as 0.95%, depending on LTV and mortgage duration.
  • For instance, the five-year fixed rate starts at 3.8% for LTVs of 60-80% on mortgages up to €250,000.

3.     Green Mortgage Focus

PTSB has enhanced its Green mortgage offerings, slashing rates by up to 0.7% for energy-efficient homes (Building Energy Rating of A1 to B3). This initiative is part of the bank’s effort to encourage environmentally sustainable homeownership.

4.     Competitive Edge in the Market

Dermot Ryan, Head of Products and Pricing Strategy at PTSB, commented:

“We are resolutely committed to competing strongly in the mortgage market. These new lower rates reflect our dedication to driving competition for the benefit of customers.”

Wider Industry Context

PTSB’s move aligns with a broader trend of mortgage rate reductions in Ireland. According to Central Bank data, the average interest rate on new mortgages dropped to 3.97% in November 2024, the lowest since May 2023. Industry analysts predict that PTSB’s aggressive pricing strategy may prompt rival lenders to follow suit.

What This Means for Borrowers

  • Customers with existing loan approvals or pre-approval applications will automatically benefit from the new rates.
  • First-time buyers and switchers now have access to some of the most attractive mortgage rates available in Ireland.

How to Make the Most of These New Rates

With PTSB’s latest rate cuts, now is the perfect time to evaluate your mortgage options. Whether you’re a first-time buyer, looking to switch lenders, or considering a Green mortgage, these competitive rates offer an excellent opportunity to save money and secure a favourable deal.

Get Expert Guidance on Your Mortgage

At All Financials, our team of experienced mortgage advisors is here to make the process simple and stress-free. From comparing the best rates to tailoring a solution that fits your needs, we’re committed to helping you navigate the changing mortgage landscape with ease.

Contact us today to learn more about how these changes could benefit you or book a free consultation to start your journey toward a better mortgage.

 

Author: Fran Cooke

Fran Cooke

Fran specialises in finance products – Pensions, Life & Mortgages advising both individuals and corporates throughout Ireland. Fran holds qualifications and accreditations from Maynooth University and the Life Insurance Association (LIA) in Financial Services. Fran recently completed the Special Investment Advisor (SIA) course and is currently refreshing his pensions knowledge with the Retirement Planning Adviser (RPA) accreditation.