Permanent TSB cuts standard variable rate by 0.5%

There was good news for Permanent TSB’s standard variable rate mortgage holders today after the bank announced it was dropping its rate by 0.5% – more than double the amount anticipated.

Permanent TSB had come in for strong criticism in recent months for its rate of 5.19% – the highest in the country and more than 2% higher than the rate charged by AIB.

This latest announcement means that from May 14^th their rate will be 4.69%.

The rate cut is expected to benefit up to 80,000 homeowners and will mean a saving of €30 a month for every €100,000 borrowed.

It is expected the average customer will now save around €1,080 on their repayments over the course of a year.