"New mortgage rates are cruellest cut for existing borrowers"

In PTSB’s case, cuts of up to 0.42 per cent in variable rates will be applied from January 12th to new customers and those on existing “managed” variable rates (MVR). But not to those on the more commonly used standard variable rate (SVR).

PTSB’s standard variable rate book is about €7 billion compared with €700 million in MVRs so it is clear who the losers are in this move.

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The cuts are not before time. Rates that were well above 4 per cent at a time when the European Central Bank’s key rate was just 0.15 per cent were a rip off.
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‘Pathetic’
Irish MEP [broken link removed] has been campaigning for the past number of months on what he believes are rip-off mortgage rates here. In his view, it’s “pathetic” that more than 200,000 SVR customers are being excluded from benefitting from the lower rates by certain banks here.

“Those lower rates are a million miles removed from those being charged in other euro zone countries,” he said. “It’s holding back a group of people who need to start spending again.”

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