TSB has announced it will be reducing rates across a selection of its existing ranges for those on high loan to value (LTV) products who are moving home, as well as reducing rates for customers remortgaging on lower LTV deals.
This includes a significant 0.4% cut on the lender’s 2 year fixed mortgage for home-movers with an 85 or 90% LTV, reducing the rate from 3.19% to 2.79% with a £995 product fee. Borrowers looking for the same LTV but with a 3 year fixed mortgage, can also benefit from 0.3% rate reductions, cutting the existing 3.24% rate down to 2.94% with a £995 fee.
As far as the even higher end of the spectrum is concerned, those with a 90% or 95% LTV have witnessed a 0.2% drop on 2 year fixed rate products, while 5 and 10 year fixes will witness a rate reduction of 0.1%.
TSB has also reduced rates for borrowers looking to remortgage at 60% LTV, however, having also dropped the rate on its 5-year fix by 0.5% to 2.19% and 2.44%.
You can read Enness’ exclusive commentary on this product in the FT Adviser here.
TSB isn’t the only lender expanding its remortgage offers, however, with BM Solutions having also added four products to its remortgage range, as well extending its end dates by 3 months across buy to let and let to buy products.
The fixed rate remortgage products will start at 2.49% for a 2-year deal at 60% LTV with a £995 fee, or 2.89% for a 2 year fix up to 75% LTV. 5 year fixed mortgages are also available up to 60% LTV at 3.19%, with an additional 5 year deal available at a rate of 3.59%. These all come with a £995 product fee.
By also extending the dates on all its fixed-term products, BM Solutions seek to allow customers the benefits of the full period of their chosen term and meet customer need amid the growth of remortgages in the buy to let market.