PTSB has also announced an increase to some of its deposit rates while Haven will now offer one of the lowest mortgage rates on the market.
PTSB has announced cuts to several of its fixed mortgage rates alongside changes to its deposit products, with some savings rates going up and others coming down.
The move will benefit many first-time buyers seeking a lower mortgage rate, while savers willing to lock away their money for longer will also see improved returns.
It follows hot on the heels of PTSB significantly reducing some of its personal loan rates last week.
Meanwhile, AIB-owned Haven is reducing its popular green mortgage rate, making it one of the most competitive deals currently on the market.
What rates are changing?
PTSB is cutting its fixed mortgage rates for those with a deposit of between 10% and 20%. In other words, those with a loan-to-value (LTV) ratio of between 80% and 90%.
This is the LTV band that is most popular with first-time buyers. However, the new rates are also available to those looking to switch their mortgage as well as those moving homes.
PTSB currently offers its customers the choice of a fixed rate over two, three, four, five and seven years. And these will all be cut by between 0.15 and 0.20 percentage points.
But PTSB’s variable rates, which are by far the highest in the market, will remain unchanged for now.
Haven, meanwhile, is cutting its four-year green rate from 3.45% to 3.20%, which will make it one of the lowest rates on the market.
PTSB new mortgage rates
Here’s a look at PTSB’s new rates which come into effect from 25th September.
All these rates are available to new and existing PTSB customers and come with 2% cashback on your mortgage. The exception is PTSB’s 4-year fixed rate which is only available to new customers and doesn't come with cashback.
If you have a deposit of greater than 20%, you can get even lower rates.
|
Product |
Current Rate |
New Rate |
Reduction |
|
2 Year Fixed (80-90% LTV) |
4.60% |
4.40% |
-0.20% |
|
3 Year Fixed (80-90% LTV) |
4.20% |
4.05% |
-0.15% |
|
4 Year Fixed (80-90% LTV)* |
3.80% |
3.65% |
-0.15% |
|
5 Year Fixed (80-90% LTV) |
4.20% |
4.05% |
-0.15% |
|
7 Year Fixed (80-90% LTV) |
4.20% |
4.05% |
-0.15% |
|
3 Year Fixed - Green (80-90% LTV) |
4.00% |
3.80% |
-0.20% |
|
5 Year Fixed - Green (80-90% LTV) |
4.00% |
3.80% |
-0.20% |
*new customers only
PTSB also offers a suite of mortgage rates for those taking out a loan over €250,000. It calls this a "high-value mortgage". These rates are being reduced too.
|
Product — high-value mortgage |
Current Rate |
New Rate |
Reduction |
|
|
3 Year Fixed - HVM (80-90% LTV) |
4.05% |
3.85% |
-0.20% |
|
|
5 Year Fixed - HVM (80-90% LTV) |
4.05% |
3.85% |
-0.20% |
|
|
3 Year Fixed - HVM - Green (80-90% LTV) |
3.90% |
3.70% |
-0.20% |
|
|
5 Year Fixed - HVM - Green (80-90% LTV) |
3.90% |
3.70% |
-0.20% |
|
Haven's new green rate
Haven's green rate is offered to those buying a home with a BER of B3 or better. According to Haven, for someone borrowing €300,000 over 25 years, the rate reduction will save a first-time buyer almost €40 a month or €477.60 a year.
|
Product |
Current Rate |
New Rate |
Reduction |
|
Green 4 Year Fixed Rate |
3.45% |
3.20% |
-0.25% |
AIB Group, through AIB, EBS and Haven, believes in the importance of offering a wide variety of choice, value and convenience for customers seeking to buy their home, or switch their mortgage. The reductions of 0.25% on Haven’s Green 4 year fixed mortgage rate will help customers save over €477 a year, demonstrating that green mortgages are good for the environment and people’s wallets.
Haven Director Paul Butler
Changes to PTSB’s deposit rates
PTSB is also making changes to its fixed deposit rates from 1st October.
Some are going down, and some, surprisingly, are increasing.
|
PTSB Fixed Deposit Product |
Current Rate |
New Rate |
Change |
|
6 month |
1.50% |
1.25% |
-0.25% |
|
1 year incl. Interest First |
2.25% |
2.00% |
-0.25% |
|
3 year |
1.60% |
2.00% |
+0.40% |
|
5 year |
1.50% |
2.00% |
+0.50% |
Compare the market
For mortgage customers, the changes are relatively modest but still welcome, with first-time buyers in particular set to benefit. For savers, the news is mixed — those happy to commit to three or five years will see higher returns, while anyone looking for short-term flexibility will lose out.
As always, whether you’re borrowing or saving, it pays to compare the entire market. Even small differences in rates can add up to thousands of euro over time.
And of course you don’t need to take out a mortgage with your existing bank. If you’re a customer of PTSB you can still get a mortgage with another provider if you want to. And that's where bonkers.ie can help...
Get your mortgage with bonkers.ie
If you’re hoping to get your foot on the property ladder over the coming year, or are looking to save money by switching to a different lender, bonkers.ie can help you. We're more than just a comparison service!
With our mortgage broker service our team of experienced financial advisors here in Dublin can help you with your entire mortgage journey from application to drawdown.
We work with the country's top lenders, including PTSB and Haven, so can find you the best mortgage rate for your particular circumstances. We can also apply to multiple lenders at the same time on your behalf, increasing your chances of getting approved for a mortgage, and saving you the time and hassle of having to apply to numerous lenders by yourself. We can also help you with getting mortgage protection and home insurance which are requirements for getting a mortgage in Ireland.
And the best news is that our service is entirely free and fully digital from start to finish, meaning everything can be done online from the comfort of your home! But don't worry, our team is only ever a phone call away if you need help or clarification on anything.
