Permanent TSB to re-enter mortgage market as part of increased lending initiative

Permanent TSB to re-enter mortgage market as part of increased lending initiative

Permanent TSB has announced plans to boost its consumer lending to €450 million this year – a five fold increase on 2012.

In a statement, the bank said it had €350m available for new mortgages, €100m for car and other personal loans and €5m for new credit card finance.

According to the Irish Independent, the €350m in new mortgages could mean an extra 2,000 house sales in 2013, based on the typical €166,000 home loan advanced last year.

Permanent TSB’s new home loans are being offered with an attractive introductory variable rate for new customers of 3.99%. This rises to 4.33% after a year, which is the average variable rate charged in the market.

New buyers will need a deposit of 10% of the value of the property they are buying though.

Permanent TSB will also be offering mortgages as part of the NAMA deferred payment plan, where not all of the purchase price will have to be paid if the property falls in value over five years.

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