Permanent TSB (PTSB) announced today that it is reducing its fixed-rate mortgage products by up to 0.45%, with the new rates effective immediately for both new and existing personal customers.
The reductions cover three-year, four-year, five-year, and seven-year fixed-rate terms, marking the sixth set of cuts to the bank’s fixed-rate mortgages since December 2023. Certain green mortgage products will also see reductions of up to 0.20%.
Customers who have had their mortgage applications approved but have not yet drawn down the funds will automatically benefit from the new rates. Applications still in the pre-approval stage will also be eligible for the lower rates.
Dermot Ryan, Head of Bank Products and Pricing Strategy at PTSB, said the move reflects the bank’s commitment to competing in the Irish mortgage market while offering increased choice for customers, including generous cashback incentives.
“The new lower fixed-rate mortgages should help first-time buyers and provide more options for those seeking rate certainty for longer terms,” Ryan said.
The most notable cut applies to the seven-year fixed-term product for loans with an 80-90% Loan to Value (LTV) ratio, which falls by 0.45% to 3.6%. For a customer with a €200,000 mortgage and a 20-year remaining term, this translates into a monthly saving of €47.
The reductions come shortly after PTSB announced last week a new interest rate of 2.99% on Home Energy Upgrade Loans, along with cuts of up to 0.56% on those products.
PTSB said that its ongoing adjustments to mortgage rates aim to respond to market conditions while providing customers with certainty in a fluctuating interest-rate environment. The bank stressed that it continues to offer a range of fixed-term products to suit various financial circumstances and lending needs.
The latest cuts will likely provide some relief to Irish homeowners and prospective buyers who have faced pressure from rising interest rates over the past few years. Analysts noted that the reductions may also prompt other lenders to review their fixed-rate offerings as competition for borrowers intensifies.
By lowering rates across multiple terms and including both conventional and green mortgage options, PTSB is signalling its intention to remain a major player in Ireland’s mortgage market while supporting customers navigating the current cost-of-living and housing pressures.
