But Tommy, it was PTSB that made the offer of the loan on the ECB plus x margin. That ECB rates are so low is making this a good investment-if they were higher, then it would not be. One must not forget, that as late as Jul 2008, ECB rates were 4.25% and the banks were taking the same margin on top.
The OP or anyone else should not have to forfeit the benefit of low interest rates because the banks made a bad call when deciding to offer these loans. Remember also, that only 75% of interest is deductable and that tax is paid on the profit. So its not all down side for the Exchequer.