Is anyone aware if this product is available in Ireland? The general idea is that you have funds on deposit either in a current account or an interest account with the bank that you also have a mortgage with. The principal on which the interest is calculated is your net balance - the mortgage...
www.askaboutmoney.com
It seems there was none available for new customers/switchers in 2018
Last thing a bank wants now are more deposits. If anything these days they'd structure this product so you'd pay a higher rate than on a traditional mortgage.
PTSB offer a 'credit' account, were overpayments are used to offset for interest calculations. You can then use these overpayments as credit for future payment, reduce payments or put off capital. Not sure if you can get the money back.
FYI- I am not a PTSB mortgage customer, this was explained to me over the phone as will most likely end up with them post UB withdrawal.