TSB Overhauls Mortgage Product Range
TSB has announced a series of changes to its residential, buy-to-let, product transfer, and additional borrowing ranges, effective immediately.
Residential Mortgages
The 2-year fixed remortgage with an 80-85% loan-to-value (LTV) and a £995 fee will see rates increase by 0.05%. The 2-year fixed remortgage with an 85-90% LTV and no fee will have rates increased by 0.15%. The 5-year fixed remortgage for both 0-75% and 80-85% LTV with a £995 fee will see rates rise by up to 0.10%. Additionally, the 5-year fixed remortgage for 60-75% and 85-90% LTV with no fee will have rates increased by 0.10%.
TSB is also withdrawing the 3-year fixed first-time buyer, home mover, and remortgage rates.
Mortgage rates on the rise
Buy-to-Let Mortgages
TSB is increasing the rates on its 5-year fixed remortgage products by up to 0.15%.
Product Transfer Rates
Changes in product transfer rates include an increase of up to 0.25% for residential 2-year fixed rates at 0-90% LTV. The residential 3-year fixed rates will see an increase of up to 0.35%. The 5-year fixed rates for 0-75% and 80-90% LTV will increase by up to 0.25%. For buy-to-let, the 2-year fixed rates and the 5-year fixed rates for 0-80% LTV will both increase by up to 0.25%.
Additional Borrowing
In the additional borrowing category, residential 2 and 3-year fixed rates will increase by up to 0.35%. The 5-year fixed rates for 0-75% LTV will see an increase of up to 0.25%. For buy-to-let, both the 2 and 5-year fixed rates will increase by up to 0.25%.
Mortgage applications on the rise
The changes to TSB’s mortgage product range are likely to have a significant impact on borrowers. With rates increasing across the board, it’s essential for homeowners and landlords to carefully consider their options before making a decision.
“The mortgage market is constantly evolving, and lenders must adapt to changing circumstances. TSB’s changes to its product range are a reflection of this.” - Source
Mortgage calculator
As the mortgage landscape continues to shift, it’s crucial for borrowers to stay informed and seek expert advice to navigate the complex world of mortgage products.
