The Irish Mortgage Holders Association says Ulster Bank customers who could be moved over to Permanent TSB have no clarity over which rates they'll be paying.
It's after the two banks entered into a Memorandum of Understanding, which would see Permanent TSB acquire about 7.6 billion worth of assets.
The deal would see Ulster Bank hand over 25 branches, a portfolio of performing non-tracker mortgages and some business loans.
CEO of the Irish Mortgage Holders Organisation David Hall says customers should absolutely consider switching for a better rate:
"It's definitely worth the effort. There's many people around who've got rates that are way higher than the average variable rate at the moment. Some of the lenders have high rates and Permanent TSB would be one of those lenders, that would have been known to have high rates. That's what the concern for many people is, by transferring from Ulster Bank to Permanent TSB. The CEO didn't give any reassurance that customers will be protected in that manner."
