Permanent TSB, Ireland's largest residential mortgage lender, today announced an incentive to pay a lump sum off your tracker mortgage.
If your a tracker mortgage customer of the PTSB and are in the lucky position to be able to pay a lump sum off your mortgage before June 17th, they will give you a 10% bonus.
E.g. If you can afford to pay a lump sum of €10k, PTSB will take a further €1000 from what you owe, this has the effect of not only reducing the amount that you owe but also will save you on Interest payments and potentially take years off the term of your mortgage.
The offer is also available to those in arrears, but only after those arrears are cleared.
While its good to see an Irish bank take a somewhat innovative approach to pay down on their loss making tracker mortgage book, this is only a first step. Watch this space, in the coming years there will be much stronger discounts available to people on trackers.
FS
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