TSB is set to implement rate reductions across its residential, product transfer, and additional borrowing ranges as of tomorrow, Friday, July 26th.
These changes have been designed to offer more competitive rates to first-time buyers, home movers, and those looking to remortgage.
In its residential category, rates for 2-, 3-, and 5-year fixed mortgages for first-time buyers and home movers with loan-to-value (LTV) ratios between 0% to 75% will decrease by up to 0.10%.
Remortgage products within the same LTV range will see reductions of up to 0.20%.
The product transfer range will also see adjustments.
Rates for 2-year fixed mortgages with LTVs up to 80% will be reduced by up to 0.15%.
For 3-year fixed mortgages with LTVs up to 75%, rates will drop by 0.10%.
The 5-year fixed mortgage products will see reductions of up to 0.20%.
In the additional borrowing category, 2-year fixed mortgage rates for LTVs up to 80% will decrease by up to 0.15%.
3-year fixed rates for LTVs up to 75% will be reduced by 0.10% and 5-year fixed rates for LTVs up to 80% will see reductions of up to 0.20%.
The updated product guide will be available for download on TSB’s website on July 26.
Nicholas Mendes, mortgage technical manager and head of marketing at John Charcol, said: “TSB’s latest reduction in mortgage rates is great news for borrowers.
“With reductions across 2, 3, and 5-year fixed rates for first-time Buyers, home movers, and remortgage products, as well as product transfers and additional borrowing, TSB is making home financing more affordable.
“The cuts, which range from 0.10% to 0.20%, reflect strong market competition and confidence in swap rates holding steady as the anticipated reduction in the base rate draws nearer.
“These reductions will provide significant savings for those looking to secure a mortgage or remortgage, making it an opportune time to consider locking in a fixed rate.”
