TSB cuts rates and expands mortgage range

TSB cuts rates and expands mortgage range

TSB today (23 June) cut rates on a range of mortgage products for homemovers and remortgagees.

A wide range of TSB’s two-year and five-year fixed rate mortgages for first-time buyers and homemovers have been reduced – with some being cut by up to 0.6 per cent – while some of TSB’s three-year fixed rate and two-year tracker mortgages have also been reduced.

For remortgagees preferring a two-year fixed rate mortgage from TSB’s affordable housing range, the bank today launched a series of new products with rates as low as 2.39 per cent with no product fee, or 1.99 per cent with a product fee of £995.

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Roland McCormack, mortgage distribution director of TSB, said: “Today’s rate reductions maintain TSB’s position as a competitive lender across the market, with our signature outstanding broker service.

“The launch of our new products offers homeowners even more choice at TSB, helping even more people borrow well.”

Adviser Verdict

Michael O’Brien, director of Access Financial Services, said TSB were moving in the right direction up best buy tables with their latest cuts to mortgage rates.

He said while better rates are available for lesser loan-to-value deals, TSB was winning business because of their lending criteria and the swift way they handle an application and convert it to a firm loan offer.

Mr O’Brien said: “All the lenders are on this drive to reduce rates at the moment. TSB are clearly pitching themselves at the remortgage market.”