Permanent TSB set to cut variable rate

Permanent TSB set to cut variable rate

Up to 80,000 homeowners are set to benefit after Permanent TSB announced plans to cut its standard variable mortgage rate in the next few weeks.

It was confirmed yesterday that a first cut of 0.25% would be announced shortly, with further cuts set to follow.

The bank has been criticised in recent months for its 5.19% variable rate, the biggest in the country and more than 2% higher than the rate charged by AIB.

That has meant that Permanent TSB customers have been paying around €300 a month more on a €300,000 mortgage than a customer on a same-sized loan with AIB.

The first rate cut of 0.25% is expected to save around 80,000 customers €15 a month for every €100,000 borrowed. It is expected to save the average customer around €540 a year.

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