Mortgage holders with Permanent TSB will be able to move home from Monday but still hang on to the bulk of their tracker rate.

The bank said today there had been “strong demand” from its customers for the product, which allows customers on trackers to trade up or down while still retaining part of their mortgage terms and conditions.

Those who want the new product will pay an additional 1 per cent on top of the tracker interest rate for the duration of the term.

The product, first announced in February, will also be offered to those in negative equity, and families who have moved to rented property and renting out their own.

“It’s encouraging that so many customers have made inquiries about it in our branches and we’re delighted that this product is now available,” said Permanent TSB lending director Ger Mitchell. “This new product will help the mortgage market to function better and it offers a fair balance for both the customer and the bank.”