TSB cuts rates on residential remortgage deals

TSB cuts rates on residential remortgage deals

TSB has cut interest rates by up to 0.10 percentage points on selected residential remortgage products.

Five-year fixed-rate remortgages are now available at 1.69 per cent up to 60 per cent loan-to-value (LTV), 1.89 per cent up to 75 per cent LTV and 1.99 per cent up to 80 per cent LTV.

All of the products come with a £995 fee.

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Roland McCormack, mortgage distribution director, said: “The interest rate reductions on our five-year fixed rate remortgage product are great news for those looking to fix their monthly payments for a longer period of time. 

“TSB is committed to helping people to borrow well and these rate reductions are an example of us doing exactly that.”

Phil Anderson, director at Aberdeen-based Phil Anderson Financial Services, commented: “It is amazing how the market has gone - that kind of rate for that term is excellent. I suspect they will be snapped up.

“People are always looking to save money. At the moment, we are seeing lots of people sticking with their existing lenders, but it is always worth shopping around.”

The lender also announced it has temporarily withdrawn two-year fixed rate mortgages for residential house purchase borrowers at 85-95 per cent LTV.

A spokesperson said: “As we prepare to migrate to our new, state-of-the-art banking platform later this year, continuing to deliver excellent service to brokers and customers is really important to us. 

“In order to do this, we intend to grow our mortgage lending less quickly over the coming months by trimming back some of the products we offer. However, we expect to reverse this slowdown as we reach the end of 2017 and move into 2018.”