Just an update on this, I was able to move onto PTSB's "MVR" at 3.7%, which is essentially a discounted SVR of 4.5% - 0.8% for <50% LTV, however the punitive fixed rate of 8.75% remains the same, and for that reason alone, I'm in the process of switching. Even though currently I do end up paying marginally less monthly, I'm not prepared to risk being stuck on a variable without the option to fix -- and at 8.75%, fixing is not an option. PTSB looks like a dying duck to me, and I'd advise anyone who can to get out ASAP.