Dáil Éireann Debate, Tuesday - 20 October 2015
243. Deputy Derek Nolan asked the Minister for Finance the process required for Permanent TSB variable mortgage customers who wish to avail of the 1% cut in interest rates announced by the bank in July 2015; if there is a deadline date on this issue; and if he will make a statement on the matter. [36287/15]
View answerI have been informed by Permanent TSB that the SVR 'Switch' offering could save variable rate customers up to 80bps and not 1% as the Deputy has stated in the question. I have also been informed that there is no current deadline to avail of this offer.
As outlined in the Invite Letter which was provided to customers the process is as follows:
"To avail of this offer, customers must submit a completed application to permanent tsb to enable us to switch your current mortgage to an MVR mortgage. The application must be accompanied by a current valuation of your home and this Mortgage Rate Switch pack includes a property valuation voucher which you can use to instruct and pay your chosen local valuer selected from permanent tsb's panel of appointed valuers. The full list of appointed property valuers can be found on www.permanenttsb.ie/rateswitch or alternatively you can contact us on 1890 500 157 or visit your local permanent tsb branch."
The Deputy may also be aware that PTSB issued a press release on the 1st July 2015, which provides more detail around the potential rates available to customers based on specific pricing bands. A link to this press release is provided below:
https://www.permanenttsb.ie/about-us/news/july2015/changes-to-standard-variable-rate-mortgage-pricing/.
