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Mortgages

Permanent TSB launches new 7-year fixed-rate mortgage

Daragh Cassidy

Daragh Cassidy

Head Writer

Permanent TSB has joined Finance Ireland, Ulster Bank and AIB in offering mortgage customers the choice of a fixed rate over seven years.

Over the past few years fixed rates have become increasingly common in Ireland, so much so that over 70% of new mortgages here are now fixed. However this compares to over 80% in the Eurozone. And unlike in Europe, where fixed rates of up to 20 years or more are common, few banks in Ireland have offered fixed rates of more than five years up until now.

Only KBC and Bank of Ireland currently offer a 10-year fixed rate and until recently only AIB and Ulster Bank offered a fixed rate over seven years.

But earlier in the week Finance Ireland announced the launch of a seven-year fixed rate and now Permanent TSB has too, giving more choice to mortgage holders who are looking for the peace of mind and certainty of a fixed rate over a longer time period.   

And if you’re looking for more information on the pros and cons of a fixed rate versus a variable rate, see here.

What fixed rate is Permanent TSB offering?

As well as its new seven-year fixed rate, Permanent TSB also offers fixed rates over one, two, three and five years.

Here’s how its new seven-year rates compare to the rest of the competition.

7-year fixed rate

Loan-to-value ratio

PTSB

Finance Ireland

AIB

Ulster Bank

≤ 50%

3.10%

2.95%

3.50%

2.99%

≤ 60%

3.10%

2.95%

3.50%

2.99%

≤ 70%

3.20%

3.40%

3.50%

2.99%

≤ 80%

3.20%

3.40%

3.50%

2.99%

≤ 90%

3.35%

3.60%

3.50%

3.29%

Anything else?

Permanent TSB customers who pay their mortgage from the bank’s Explore current account will also get 2% of their mortgage repayment back in cash each month. This means if your mortgage was €1,000 a month, the bank will put €20 back into your account each month.

This is equivalent to a reduction in interest rate of around 0.15%, meaning if you have a current account with Permanent TSB, their rates are slightly more competitive than they first appear.

As well as the 2% monthly cashback, the bank will also give first-time buyers, movers and switchers 2% of their mortgage back in cash as a lump sum payment after they've drawn down the mortgage.  

Who is the new rate available to?

Unfortunately the rate is only available to new customers for now.

However Laura Temple, Head of Mortgages at Permanent TSB, said the bank is in the process of conducting a review of its rates for existing customers and hopes “to make some positive announcements on this front later in the year".

Let's wait and see so...

Before you decide, always compare

Although the new rates from Permanent TSB might seem tempting, make sure you compare all rates across all lenders on bonkers.ie before you commit with our free, easy-to-use mortgage calculator.

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