There was good news for Permanent TSB’s standard variable rate mortgage holders today after the bank announced it was dropping its rate by 0.5% - more than double the amount anticipated.
Permanent TSB had come in for strong criticism in recent months for its rate of 5.19% - the highest in the country and more than 2% higher than the rate charged by AIB.
This latest announcement means that from May 14th their rate will be 4.69%.
The rate cut is expected to benefit up to 80,000 homeowners and will mean a saving of €30 a month for every €100,000 borrowed.
It is expected the average customer will now save around €1,080 on their repayments over the course of a year.
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