Effective tomorrow (Friday 20th October) TSB has reduced rates on its 2-year and 3-year fixed residential mortgage, product transfer, and additional borrowing rates by up to 0.50%.
The lender also launched a 3-year fixed rate at 4.99% for first-time buyers and home movers.
For borrowers with smaller deposits, all house purchase products above 85% loan-to-value (LTV) benefit from £500 cashback.
Reduced residential rates include: a 2-year fixed house purchase and remortgage reduced by up to 0.50%; a 3-year fixed house purchase reduced by up to 0.30%; and a 3-year fixed remortgage rate up to 75% LTV reduced by 0.30%.
Reduced product transfer rates include: a residential 2-year fix reduced by up to 0.50%; and a residential 3-year fixed rate up to 80% LTV reduced by up to 0.45%.
Reduced additional borrowing rates include: a residential 2-year fixed rate reduced by up to 0.50%; and a residential 3-year fixed reduced by up to 0.45%.
Brokers should submit applications for existing products by midnight today (Thursday 19th October), and can download the new product guide from 20th October.
TSB also updated its lending criteria from today, no longer needing brokers to deduct or validate SEISS grants for self-employed applicants, as well as accepting Scottish Child Payments as a form of other income.
Nicholas Mendes, mortgage technical manager at John Charcol, said: “TSB are the latest high street lender to reprice their fixed rate proposition with further significant reductions.
“TSB have also followed Halifax in introducing a 3-year fixed into the mix, sub 5% which will provide mortgage holders with more choice.”
