Permanent TSB has launched a new four-year fixed rate mortgage product for new customers with a rate starting at 2.25%.  

The bank said that the new mortgage product offers an additional option to cashback at drawdown. 

The fixed rate for the four-year term starts at 2.25% with a loan to value ratio of less than 80%, rising to 2.55% for a loan to value ratio of between 80% and 90%. 

Permanent TSB said the new product is available for all new home loan customers including first time buyers, people moving home and customers seeking to switch mortgage provider.  

It is not available for Buy To Let customers, however.

Laura Temple, Head of Lending Products at Permanent TSB, said the bank is introducing the new option to broaden the choice available for customers. 

"Our cashback mortgage offering is extremely popular with customers, but there are some who would prefer to choose a lower rate no cashback option and this product is designed with them in mind."