Permanent TSB has reported strong interest from customers in its tracker portability mortgage product, which will go live from Monday next.
The new product will allow customers with tracker mortgages and customers in negative equity to trade up or down from their current homes – while keeping a tracker interest rate plus an additional 1pc for the entire duration outstanding of their current tracker mortgage.
The bank said it will accept applications for the new product from Monday and has generated a strong pipeline of applications from interested customers since the product was unveiled in late February.
The bank has also announced today that the tracker portability offer is being extended to customers who have moved to a rented property and are renting out their home – these customers may qualify for the new product if they wish to sell their home and buy a new property.
“We’ve seen strong demand from customers for this new product since we announced it at the end of February. It’s encouraging that so many customers have made enquiries about it in our branches and we’re delighted that this product is now available,” said Permanent TSB lending director Ger Mitchell.
“This new product will help the mortgage market to function better and it offers a fair balance for both the customer and the bank.”