PTSB is set to introduce substantial cuts to its mortgage rates next week, a move expected to prompt rival banks to follow suit, Irish Independent reported.
This marks the fourth rate reduction by PTSB in the past 14 months and reflects ongoing competition in the mortgage market. Official figures indicate that the average mortgage rate across the sector has fallen below 4 per cent for the first time in 18 months.
The reductions range from 0.15 to 0.95 percentage points across fixed-rate terms of two to seven years. The most significant cuts of up to 0.95 points will apply to five-year and seven-year fixed-term products. These will now offer rates starting at 3.8 per cent for loan-to-value (LTV) ratios between 60 per cent and 80 per cent for mortgages up to €250,000.
Notably, the reductions also extend to green mortgages, with fixed rates for these environmentally friendly options dropping by up to 0.7 percentage points.
In a move to ensure fairness, the bank confirmed that customers with applications at the pre-approval stage would automatically benefit from the new lower rates.