Changes to Home Loan Mortgage Variable Rates
Permanent TSB is today announcing changes to its home loan mortgage variable rates of between 0.05% and 0.40% effective Monday 31st July 2023. There are no changes to the Bank’s home loan fixed rates for new or existing customers, which account for approximately 95% of the Bank’s new business (with approximately 5% seeking a variable rate).
The changes being announced today follow ECB rate increases totalling 4.00% over the past 12 months.
The Bank’s Standard Variable Rate (SVR) for home loans will increase by 0.35% to 4.30%.
Home loan Managed Variable Rates (MVRs), which are linked to each customer’s Loan-To-Value (LTV), will increase by between 0.05% and 0.40%. Following these increases the MVRs on home loans will range from 3.80% to 4.30%.
Additional changes announced today
The Bank is also increasing variable and fixed rates for Buy-To-Let (BTL) mortgage customers.
The Home Loan and Buy-to-Let mortgage rate changes take effect from Monday 31st July 2023.
Detail:
The table below details our updated Variable Home Loan rates and the updated BTL Variable & Fixed rate offerings for new and existing business customers effective 31st July 2023. Please Note: There is no change to our BTL Standard Variable Rate.
| Home Loan Variable Rate Products | New Rate | APRC New Business | APRC Existing Business |
| Loan to Value Managed Variable Rate ≤50% ≤60% LTV | 3.80% | 3.91% | 3.87% |
| Loan to Value Managed Variable Rate >60% LTV ≤80% LTV | 3.90% | 4.01% | 3.97% |
| Loan to Value Managed Variable Rate >80% LTV ≤90% LTV | 4.30% | 4.43% | 4.39% |
| Loan to Value Managed Variable Rate >90% LTV | 4.30% | N/A | 4.39% |
| Standard Variable Rate | 4.30% | N/A | 4.39% |
| Mortgage Top Up Variable Equity Release | 4.30% | N/A | 4.40% |
| BTL Variable & Fixed Rates | New Rate | APRC New Business | APRC Existing Business |
| Resident Variable Rates & Non Resident Variable Rates | |||
| Loan to Value Managed Variable Rate ≤50% LTV | 5.30% | 5.63% | N/A |
| Loan to Value Managed Variable Rate >50% LTV ≤60% LTV | 5.45% | 5.79% | N/A |
| Loan to Value Managed Variable Rate >60% LTV ≤70% LTV | 5.55% | 5.90% | N/A |
| Buy To Let Fixed Rates | |||
| 3 Year New Business Fixed Rate ≤70% LTV | 5.65% | 5.93% | N/A |
| 5 Year New Business Fixed Rate ≤70% LTV | 5.85% | 6.06% | N/A |
Please note that there is no change to Permanent TSB’s current 2% cashback at drawdown & 2% Month cashback on repayments (Normal exclusions apply).
Pipeline Approach for Rate change- New Business Customers:
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Variable rate Increases – both Home Loan and BTL
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Customers at Pre-Approval on date of Rate change (31st July, 2023):
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Variable Rate Increases – The rate change will take effect immediately for customers in all Pre-Loan Approval status on the date of the rate change. Please contact your customers in Pre-Approval status to advise of this rate increase and discuss their options. |
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Customers at Approved Status on date of Rate change (31st July, 2023) |
Variable Rate Increases – The rate change will take effect immediately for customers in Loan Approval status on the date of the rate change. These loans will be treated as a normal rate increase, and therefore no amended loan offer will need to issue. A letter will issue to all impacted customers advising them of the rate increase. |
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Fixed Rate increase- BTL only |
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| Customers with an approved status up to and including 31st July | BTL Fixed Rate Increases – Customers in approved status have a grace period period from Monday 31st July 2023 until Friday 27th October 2023 or expiry of their loan offer (whichever is the earlier) to drawdown on the lower fixed rate option. Please contact your customers to notify them of this grace period /loan offer expiry date so that they know to draw down within this time to avail of the lower fixed rate option. A letter will be issued to all Approved Status pipeline customers notifying them of this grace period. |
Pipeline Approach for Rate change- Existing Business Customers:
| Variable rate Increases – both Home Loan and BTL |
| All relevant Residential & BTL Variable Rate customers will receive a rate change notice in line with CPC 6.6 & 6.7 notifying them of the rate change. No change to current process for Fixed Rate customers – all customers currently on a BTL fixed rate will remain on their current rate until their fixed rate maturity. |
Contact:
If you have any queries regarding these changes please contact your IMC Mortgage Advisor.
