Permanent TSB announces hike to fixed-rate home loans

The fixed-rate home loans on offer from Permanent TSB are to increase by up to 0.5 per cent from next, week with the annual cost of borrowing €300,000 set to rise by more than €1,000 as result.

The move comes just 24 hours after the European Central Bank announced a ninth successive interest rate hike.

It is the fourth time PTSB has increased its fixed rates over the last 12 months, although the bank stressed its rate increases were still significantly less than those imposed by the ECB.

A spokeswoman for the bank noted that the changes to its fixed rate follow increases from the ECB totalling 4.25 per cent since July 2022.

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“Over the same period, the total weighted average increase in Permanent TSB fixed rates is approximately 2.21 per cent,” she said.

PTSB said there would be no change to the fixed rates for green mortgages.

Green mortgages are available to customers whose homes have an energy rating of B3 or higher.

There is no change for home loan customers on existing fixed rates. The rates applicable to tracker mortgage customers continue to reflect the current ECB rate, in line with the specific terms and conditions of the loans.

Customers who have received an offer letter based on the existing fixed rates will have until October 27th to complete the drawdown of their loan at the existing rates or prior to their current loan offer expiration, whichever date is the earlier.