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Perm tsb hikes variable mortgage rate

Tuesday, April 29 17:33:28

permanent tsb today announced that it will raise its Standard Variable Rate (SVR) for existing homeloan mortgage customers from 4.34pc to 4.50pc from June 9th - an increase of 0.16pc.

It said it is raising the rate because of increasing costs.

SVR customers in permanent tsb have an average outstanding mortgage of approximately E80,000 and the move will mean an increase in monthly repayment of approximately E7 per month (for a customer with a remaining term of 20 years).

"This is the first increase in the SVR for permanent tsb homeloan customers in over 3 years (since March 2011). The change to the rate reflects the bank's funding costs. Despite the change, however, permanent tsb's SVR is still on a par with most other lenders. The SVR for existing buy-to-let customers will also increase by 0.16pc. Customers with tracker, fixed-rate and BTL Managed Variable Rate mortgages are not affected," the banks said.

The rates for Managed Variable Homeloan Customers (ie; new customers or customers who took out a mortgage in the past 12 months and whose rate varies depending on the loan-to-value (LTV) of the relevant property) will see a blended increase of 0.12pc from the same date (June 9th).