Permanent TSB cut variable rate by 0.35%

Permanent TSB cut variable rate by 0.35%

Permanent TSB has announced that it is to reduce its standard variable mortgage rate following the decision by the ECB to cut rates yesterday.

The bank has been one of the most expensive mortgage lenders in the country and was recently criticised by customers at its AGM.

While all tracker mortgage holders immediately benefit from the ECB rate cut, standard variable home loans are at the discretion of each bank.

Permanent TSB is cutting its standard variable rate by 0.35%, which is more than the 0.25% ECB cut.

The bank noted it had reduced rates by 0.5% ten weeks ago.

Ulster Bank also plan to cut their variable rate by 0.25%.

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