TSB has launched a new range of remortgage products this week, which are now available to homeowners with small deposits, as well as cutting rates across its existing selection of homemover mortgage offers. Customers looking to remortgage with up to an 85% to 90% loan to value (LTV), can now receive 2, 3, 5 and 10 year fixed rate mortgages, with rates starting from a very competitive 2.59%.
In addition to the new remortgage products on offer from the lender, homemovers looking for a 2 year fixed rate mortgage at 85% to 90% LTV will now benefit from a 0.1% rate reduction of 3.29% to 3.19% with a required £995 product fee, or a 0.2% reduction for mortgages with no product fee, falling from 3.79% to 3.59%.
As far as even higher loan to values are concerned, 2 year fixed rate mortgages from 90% to 95% LTV have also witnessed a 0.1% reduction, both with or without a product fee. Homemovers looking for either a 3 or 5 year fixed rate deal can now also benefit from a 0.1% rate reduction.
With many homeowners still finding themselves subject to higher interest rates and not much equity in their property, the above rate reductions from TSB will prove particularly beneficial for first time buyers and those moving home, especially as very few lenders currently offer such competitive rates for borrowing with a smaller deposit, particularly for the 10 year fixed rate deal, which will only be tied in for 5 years.
TSB is now one of many lenders to have applied reductions to its range of high LTV mortgage products, following the likes of Santander and Accord Mortgages (you can read an overview of the top high LTV rates on the market in our weekly summary here). This equally follows a previous reduction to the lender’s 10 year fixed rate offer that was announced last month, which saw its lowest 10 year fix to date – reigning in at 2.89%.