The popular high street lender TSB has made headlines this week by announcing its lowest fixed rate mortgage since May 2015, while continuing to cut rates on a whole host of other mortgages now available through brokers. Offering deals particularly beneficial to first time buyers or those moving house – customers can now gain a reduction of up to 0.10% when looking for a longer than five year mortgage.
Having previously made rate changes during September to its high loan to value (LTV) rates, TSB made reductions to rates on all existing two year fixes – along with the majority of its five year fixed rate mortgages with a higher LTV of 85-90%. The lender has since been offering £250 cashback to customers with a higher LTV, as well as launching two new high LTV mortgages with a £995 product fee.
It’s not all change for higher LTV ratios, however, as those with a less than 85% LTV have witnessed a rate increase on two year fixed rates, two year tracker mortgages and five year fixed rate mortgages in line with recent activity and fluctuating rates across the market.
The most recent product changes following these include LTVs up to 60% witnessing a 0.15% reduction. This has made TSB’s two year fixed rate mortgage of 1.44% the best rate the lender has revealed since May 2015.
It has also been announced that two year tracker mortgages with a product fee and an LTV of 0-60% will be reduced by 0.15%. Last month TSB made further reductions to its 2 year fixed and tracker mortgages with a 60-75% LTV, as well as a 0.05% reduction between 60-80% LTV.
Not only this, those customers opting for a ‘no product fee’ mortgage can now benefit from a 0.10% reduction on two year fixed and tracker mortgages.
In other news, Nationwide has equally made selected rate changes to products between 80-95% LTV. These include:
- 2 year tracker rates between 80% and 90% LTV reduced by up to 1.00%
- 2 year fixed rates between 80% and 90% LTV reduced by up to 0.15%
- 3 and 5 year fixed rates at 90% LTV reduced by up to 0.10%
The lender has also increased rates across its 95% LTV range by up to 0.25%, with a 0.10% discount for existing borrowers.