TSB intermediary has revealed what is thought to be the lowest 10 year fixed mortgage currently on the market, now available at a rate of 2.89% for homeowners with a 0 to 60% loan to value (LTV). Along with this, the lender has also applied further changes to other selected mortgage ranges, which also now include rate reductions for homeowners with larger deposits.
Despite the competitiveness of the lender’s newly released 10 year fix, other selected mortgage rates from TSB have witnessed an increase for fixed and tracker rate products. Perhaps compensating for offering such a low fixed rate, TSB will firstly be increasing its fixed rate by 0.1% for 80-85% LTVs, and by 0.15% for homemovers with a 75-80% LTV.
Following Mark Carney’s statement that the Bank of England would consider cutting interest rates to stimulate the economy, (when discussing possible measures to take in response to the global economy), some believe this could be a sign of many lender’s now taking necessary actions to prepare for these upcoming changes. However, this is not a certainty, with the potential for alternative measures to be taken instead.
Selected products from TSB’s 2 year homemover, remortgage and buy to let ranges, on both fixed and tracker rates, will also now be increasing by between 0.1% and 0.3%. All large loans for homemovers and remortgages on 2 year tracker rates will also increase by 0.15% for any LTV, while increases on homemover 2 year fixed rates will range from 0.1% and 0.15%.
If that wasn’t all, the lender’s homemover 2 year tracker rates at 75 to 80% LTV will equally be increasing by 0.3% from 1.69% to 1.99%, while those at 80 to 85% LTV will increase by 0.25% from 1.79% to 2.04%. Finally, remortgage 2 year tracker rates across all LTVs will also increase by 0.15%.