Permanent TSB turns up heat on consumers

With other lenders likely to follow suit, consumers should expect borrowing to become dearer as funding pressures continue for banks

30th January, 2010

From tomorrow, thousands of mortgage customers will face higher repayments as a result of Permanent TSB’s decision to hike its standard variable rate (SVR) by 0.5 per cent.

The increase will bring the bank’s SVR to 3.69 per cent, 1 per cent higher than it was a year ago. Permanent TSB said the cost of funding had forced its hand. ‘‘Wholesale rates remain high. However, after this increase, we have no plans for a...

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