TSB will be expanding its affordable housing offers to brokers this week, by adding new products and reduced rates to its existing range, as well as joining the now very established, Help to Buy London scheme.
The scheme now offers London buyers with a minimum 5% deposit access to a government equity loan of up to 40% of the property purchase price – currently double the amount being offered via schemes across the rest of the country. The lender has also extended its help to buy and shared equity schemes, currently only available through brokers in England to intermediaries in Scotland and Wales.
Following this, a number of new mortgage products have been added to TSB’s shared ownership and shared equity homemover ranges. Not only offering a 2 year fixed remortgage deal starting at just 1.99%, the lender’s new products also include a 2 year fixed rate at 2.19% up to 90% loan to value (LTV) and a 5 year fixed rate starting at 2.94%, also up to 90% LTV.
If that wasn’t all, rates have also been cut across the lender’s 2, 3 and 5 year homemover fixed rate deals by up to 0.2% and 0.1% for its 2 year homemover tracker. Other remortgage deals from TSB have seen reductions on 3 and 5 year fixed products, of up to 0.15% and 0.2% respectively.
The latest changes from TSB, along with many other lenders on the market, follows the news that the average 3 year fix on the market has fallen below 3% for the first time ever, as borrowers continue to enjoy the widest choice of products at their disposal since 2008. The average 2 year fixed rate mortgage fell to 2.54% in February, while the average 3 year fix fell to less than 3% (now standing at 2.92%) for the time, from 3.01%. Average 5 year fixes are also in decline, now at 3.25% – just a tiny bit higher than the record low 3.24% revealed in August 2015.