TSB is set to make a number of changes to its residential and affordable housing mortgage ranges, set to take effect from tomorrow (Thursday 6th February).
These adjustments will see amendments to product rates, end dates, and early repayment charges (ERCs), impacting first-time buyers, home movers, and those seeking remortgages.
The bank has confirmed that existing applications for the affected products must be submitted by the end of today (Wednesday 5th February), as they will no longer be available thereafter.
Among the key updates in the residential range, TSB is revising its ERC structure.
Additionally, the end dates for fixed-term mortgages are being extended to the end of June.
In terms of rate adjustments, TSB is implementing increases and reductions across various products.
Specifically, the bank is raising interest rates by 0.05% on its 2-year fixed first-time buyer and home mover mortgages within the 75% to 85% loan-to-value (LTV) bracket.
Furthermore, the 3-year fixed remortgage product with 0% to 75% LTV will see an increase of up to 0.10%.
Conversely, certain products will benefit from rate reductions.
The 2-year fixed remortgage at 85% to 90% LTV with a £0 fee will see a 0.10% decrease, making it a more competitive option for homeowners looking to refinance.
TSB is also makingn adjustments to rates for Shared Ownership and Shared Equity products, providing potential cost benefits to those entering the housing market through these schemes.
Customers looking to transfer their existing mortgage products within TSB will also find improvements.
The residential 2-year fixed 85% to 90% LTV product with a £0 fee will see a rate reduction of 0.10%, offering more attractive terms for borrowers looking to extend or modify their existing mortgage agreements.
For a comprehensive list of changes and further details, TSB advises customers and brokers to refer to the updated product guide available from 6th February.
