New cost of living changes will start in February, including a €125 energy credit for homes and updated mortgage rates from PTSB
Dublin: Big changes are coming in February. There will be new support for people paying mortgages and an energy credit for every home.
The energy credit is €125 and will be paid in two parts. The first payment is between November 1 and December 31, 2024. The second will be from January 1 to February 28, 2025.
When you get your credit depends on your electricity supplier’s billing cycle. It might not show up on your first bill during these times. Check your supplier’s website for exact dates.
Your bill will show a credit line for €114.68, which is €125 before VAT. Look for “Government Electricity Credit 1 or 2” on your bill to see which payment you received.
If you switch suppliers, you won’t get the credit twice. This credit applies to all domestic electricity accounts, as long as they aren’t low usage accounts.
PTSB has also announced new mortgage rates starting January 17. These rates are for both new and existing customers.
This is the fourth cut to fixed-rate mortgages since December 2023. Rates for 2-year, 3-year, 4-year, 5-year, and 7-year fixed mortgages have all been reduced.
Starting January 21, PTSB is offering 2% cashback on monthly mortgage repayments for existing customers. This could mean €30 back each month for a €1,500 mortgage.
To get the cashback, customers must pay their mortgage by direct debit from a PTSB Explore Current Account. This offer lasts until at least the end of 2030.
Revolut has also made changes. They now allow credit card customers to pay off their balance in instalments. You can choose to pay over three, six, nine, or twelve months.
Panda Recycling in north Dublin is raising its service charges. The half-yearly service charge will increase from €67.50 to €70, and other charges will also go up.
These changes take effect on February 1. Stay informed about local news and updates by joining Galway Beo’s WhatsApp service for breaking news and special offers.
