Effective from tomorrow (Tuesday 15th October), TSB will launch a 1-year fixed product transfer range with an interest rate of 5.95%.
This offering was designed to give existing mortgage customers at TSB greater flexibility in managing their home loans.
In addition to this, TSB will remove the two-year minimum term requirement on its 2-year tracker product transfer rates, which come with no early repayment charges (ERC).
Several changes are also being made to TSB’s residential mortgage products.
Rates will be increased for certain offerings, including 2-year fixed mortgages for first-time buyers and home movers with loan-to-value (LTV) ratios between 0% and 75%, by 0.10%.
Additionally, 5-year fixed mortgages for first-time buyers and home movers with LTV ratios of up to 85% will see rate increases of up to 0.25%.
Similarly, rates for 5-year fixed remortgage products with LTV ratios of up to 75% will increase by up to 0.25%.
However, TSB will also be reducing rates on other products.
Specifically, 2- and 5-year fixed mortgages for first-time buyers and home movers with LTV ratios between 90% and 95% will benefit from a 0.10% rate reduction.
For product transfers, TSB is introducing new 1-year fixed residential and buy-to-let mortgages with 75% LTV, and no fees, set at the same 5.95% rate.
The bank is also relaunching its 2-year tracker residential and buy-to-let products, now allowing customers to select terms shorter than two years.
TSB has advised brokers and customers to submit applications for products that are being withdrawn by the end of today, Monday 14 October, as those options will no longer be available after that date.
The new product guide will be available for download from 15th October, providing customers with the full list of new and withdrawn products.
