TSB has unveiled a host of new fee-free three year fixed rates now available for customers moving home, while scrapping the mortgage application levy from all of their residential and buy to let mortgage products.
A three year fixed rate is now available up to 60% loan to value (LTV) with a rate of 1.84%, 1.99% at 75% LTV, 2.14% at 80% LTV, 2.29% at 85% LTV and 2.89% at 90% to 95% LTV. All of these three-year fixes come with no fees, compared to the original mortgage application fee of £265.
TSB lowest three year fixed rate currently stands at 1.49% up to 60% LTV with a £995 product fee. The lender’s range of two year fixed rates remain unchanged aside from the removal of the mortgage application level.
These changes follow the lender’s announcement that it would be reducing rates across a range of fixed and tracker rate products last month, for home movers, remortgagers and landlords, while also increasing the maximum loan available on selected mortgages up to £1million. Fleet Mortgages has also been overhauling its current product range, applying rate cuts and introducing a selection of new products.
The lender has introduced two pay-rate lifetime tracker products with a rate of 3.99% (LIBOR plus 3.6%) up to 75% LTV with a rental calculation of 125% at 3.99%. A rate of 4.19% is also available up to 75% LTV for limited companies with a rental calculation of 125% at 4.19%.
In addition to this, the firm has also cut rates on limited company products, with a two year fixed rate at 75% now reduced to 3.6% from 4.19% and a five year fixed rate reduced to 3.99% from 4.69%.
Two year fixed rates at 65% LTV for Houses in Multiple Occupation (HMO) and multi-unit blocks have also been reduced from 4.09% to 3.79%, while Fleet’s five year fixed rate of 4.99% at 75% LTV has been cut to 4.29%.
Elsewhere in the market, Sainsbury’s Bank has revealed its plans to re-enter the mortgage market in the first half of 2017.
The bank is currently in the process of designing a range of mortgage products ‘to meet the needs of the Sainsbury’s customer’, which will be available through intermediaries from next year.