TSB today jumped on the mortgage rate cutting bandwagon with reductions of up to 0.35% in their fixed deals.
The lender is the latest high street name to offer cheaper deals in recent weeks following downward moves by Halifax, Nationwide, NatWest, HSBC and others.
The bank said that from tomorrow its three year fixed mortgage rates will be cut by up to 0.2%, even for borrowers with only a 5% deposit. Two and five years fixes are also being cut while rates on some deals exclusively for affordable housing will come down by 0.35%.
Ken James, director at broker Contractor Mortgage Services, said: “TSB, the bank that likes to say yes, has certainly said that with these latest rate cuts. TSB have answered the call to cut rates across the full range of loan-to-value brackets rather than just focusing on the lower risk lending at 60%.”
“This is a great move by TSB, complementing the already active rate cut activity we are seeing across the board and can only continue to support the much invigorated market.”
Ranald Mitchell, director at Charwin Mortgages, said: “Rate reductions from TSB in the higher loan-to-value (LTV) range are a significant boost for first-time buyers striving to enter the property market. Traditionally, borrowers with smaller deposits have faced steeper costs, but the increased competitiveness at this end of the spectrum signals a positive shift. This is a win-win situation, making homeownership more accessible and affordable for many, and a clear indication that the market is responding to the needs of new buyers.”
