Permanent TSB joins the “green revolution” with lower mortgage rates

PERMANENT TSB is the latest bank to launch a green mortgage product, offering new loans to both new and existing customers.

The Green Mortgage offers discounts of 0.2 percent on five-year fixed rates for homes with a building energy rating of A1 to B3.

A number of lenders including AIB, Bank of Ireland and Avant Money have introduced lower mortgage rates for energy efficient homes.

All new homes qualify for green mortgages, while the discounts on them are another incentive for families to retrofit older homes.

Permanent TSB green mortgage rates start at 2.35 percent for five-year fixed rates when the loan to value (LTV) is less than or equal to 80 percent and the mortgage value is greater than or equal to €250,000.

The new green mortgages will be available from the end of the month.

They are open to first-time buyers, relocators and mortgage bankers, and can be combined with a cashback offer for new mortgage customers.

Jeff Habourne, Permanent TSB’s head of personal banking, said this is the first in a series of sustainable finance products the bank will offer as part of its new sustainability strategy.

“We offer better lending rates to customers who buy energy-efficient, sustainable homes with an energy rating of B3 or better.

“These new interest rates underscore our commitment to sustainability and the importance of providing our customers with access to attractive sustainable financial products,” he said.

Mortgage rates have been cut by the Bank of Ireland and EBS in recent weeks, with this latest rate cut being Permanent TSB’s second recently.

Bucking this trend, ICS Mortgages increased interest rates towards the end of February.

However, mortgage holders have been warned that we are only months away from rate hikes.

Figures this week show that Ireland continues to have the most expensive home loans in Europe.

Borrowers here typically pay around €2,200 more per year than the eurozone average to service a mortgage.

The high cost of mortgages here is despite the fact that the average interest rate in this country has not changed in February.

In the same month, interest rates rose across the euro zone, reaching their highest level in two years.

At 2.76 percent in February, the average interest rate on a new mortgage in Ireland ranks second in the eurozone of 19 countries, behind Greece.

Daragh Cassidy of price comparison site and mortgage broker said: “Irish mortgage rates are now probably near the lowest levels they will ever be.” Permanent TSB joins the “green revolution” with lower mortgage rates

Fry Electronics Team

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