Mortgages  

TSB limits LTV through brokers on reduced rate deal

TSB limits LTV through brokers on reduced rate deal

TSB is offering mortgages which, for the first year, have a lower interest rate to help customers wanting to put their own stamp on their new pad.

The mortgages are available over 75 per cent and up to 95 per cent loan-to-value in a TSB branch or over the telephone. Through brokers, however, the deals are only available up to a maximum of 90 per cent loan-to-value.

The deals are available to first time buyers and those wishing to move home.

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Ian Ramsden, director of mortgages at TSB, said: “We know the first year after moving can often be expensive as people make their house a home. Offering homebuyers some breathing space on their mortgage during the first year will give them the support to achieve this.

“Helping people get a foot onto the property ladder is a fundamental part of creating thriving local economies, and people thriving across the country is what we call, local banking for Britain.”

This latest launch follows TSB’s Fix and Flex mortgage range being rolled out in December 2014.

Fix and Flex offered a fixed rate over ten years but allows homeowners to refinance or leave the mortgage after five years, without having to pay an early repayment charge.

emma.hughes@ft.com