Permanent TSB mortgage customers will soon be able to move home and keep their tracker interest rate.

However an additional rate of 1% will be added on, as part of a new initiative being launched by the bank today.

The scheme will also allow customers who are in negative equity to trade up or down to a new home.

Pictured below: PTSB Director of Lending, Ger Mitchell and PTSB Chief Executive, Jeremy Masding

Our News Correspondent Fergal O'Brien reports from PTSB headquarters in Dublin