TSB has launched several new fixed-rate products and cut rates on existing deals for home movers and remortgage borrowers.
The lender has introduced three-year fixed rates starting from 1.39 per cent and 10-year fixed rates from 2.34 per cent, with both ranges available at up to 60 per cent loan-to-value (LTV) for home movers and remortgage borrowers.
A range of fee-free products has also been introduced for all buy-to-let mortgages for purchasers and remortgagors.
Roland McCormack, mortgage distribution director at TSB, said: “Our new mortgages and rate reductions are an example of us helping more people to borrow well and they are a welcome step for those looking to fix their monthly payments for a longer period of time.”
Homemovers can also opt for a two-year fixed rate of 3.99 per cent at 90 to 95 per cent LTV.
TSB has lowered rates by up to 0.25 percentage points on a range of existing fixed-rate products for home movers and remortgagors.
The changes follow a recent scaling back of lending during which three and 10-year fixes were withdrawn as TSB makes the transition to a new banking platform.
Bob Riach, principal at Scunthorpe-based Riach Financial Advisers, said: “TSB became a bit uncompetitive over the last few months, and I believe they may have been putting a new platform together, rather than the one from the Halifax that they adopted and tweaked.
“Often, when these things happen, lenders become uncompetitive for a while until they have the new platform in place.
“TSB are starting to become competitive again. I was doing some research for a client recently, and they came back in the top two or three deals.
“I have had good service from TSB in the past, and I hope that will continue and improve.”
simon.allin@ft.com
