Here’s how you could get a lot of money back for paying your mortgage

Permanent TSB is the first bank in Ireland to do something like this.

Permanent TSB is launching a major new initiative for the mortgage market which will see the bank giving back 2% of each monthly payment to the customer. This new initiative coincides with the bank's existing offer of a once-off cash back payment of 2% of the value of the full mortgage. For example, a customer with a €300,000 mortgage will receive approximately €6,000 of a loan drawdown with the existing offer and the new project will see them pocket €30 each month also. In short, they will bring home €360 each year. These payments will be made each month until December 2027. It will be available to all residential mortgage customers who receive a loan approval from Monday, August 28 and who make their payments from an Explore Current Account. Speaking on Friday, Mark Coan, Permanent TSB Group Commercial Director, said the product was designed around the bank’s rewards focus: “Rewarding our customers is key to what we do. Our ground-breaking Explore Account already gives great rewards every month to customers for choosing Permanent TSB for their current account; this gives them a huge incentive to choose Permanent TSB for their mortgage.”