'Residential Variable Rate?'

G

gracehealy

Guest
I have a question. I often see it reported in the news 'PTSB are increasing their standard variable rate....' etc. I know their current standard variable rate is now 5.19%. However our PTSB variable interest rate is significantly higher (5.65 % after the latest 1% increase). This seems to be becasue we are on 'Residential Variable Rate'. Can anyone tell me what 'Residential Variable Rate' is as opposed to 'Standard Variable Rate' and any idea why we'd be on the higher one?
 
The standard variable rate is no longer available for new business, it is their legacy variable rate.

If you took out a more recent mortgage then you are on the residential variable rate.
 
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