Changes To TSB Mortgage Product Range (Source: Verdict)
In a message to brokers today via email, new TSB mortgage product changes have been announced. Impacting residential mortgages, buy-to-let mortgages, product transfer applications, and additional borrowing mortgages. These new changes come in with a huge shift in the UK mortgage market, in the face of high inflation and the prospect of the country possibly entering into a recession if things don’t get under control. Here is a breakdown of the changes that TSB have announce, some are positive for borrowers and others are negative.
Changes To Residential TBS Mortgage Product Ranges
Although not going into too much detail, TSB announced that they will be yet again increasing 2 & 5 year fixed house purchase and remortgage rates, by up to 0.35%. Some of the highlights in these product changes are:
- 2-year fixed house purchase rates at 90-95% LTV up by 0.20% from 6.54% to 6.74%
- 5-year fixed house purchase rates at 90-95% LTV up by 0.35% from 5.84% to 6.19%
- 2-year fixed remortgage rates at 90-95% LTV up by 0.20% from 6.24% to 6.44%
- 5-year fixed remortgage rates at 90-95% LTV up by 0.30% from 5.49% to 5.79%
Changes To Buy To Let Products
TSB have announced that they will be reintroducing the following, after removing them earlier in the year:
- 2 Year House Purchase and Remortgage products
- Product end dates move out to the end of October
The buy to let 2 year house purchase products available are:
- 0-60% LTV 5.09% with a £1,999 fee
- 0-60% LTV 5.99% with a £999 fee
- 60-75% LTV 5.69% with a £1,999 fee
- 60-75% LTV 5.99% with a £999 fee
The buy to let 5 year house purchase products available are:
- 0-60% LTV 5.09% with a £1,999 fee
- 0-60% LTV 5.24% with a £999 fee
- 60-75% LTV 5.29% with a £1,999 fee
- 60-75% LTV 5.44% with a £999 fee
Changes To TSB Product Transfers
TSB have announced that they are reintroducing 10-year fixed residential products for their product transfer applications. This means that if they want to and if correctly advised to be a qualified mortgage advisor, a borrower could fix their mortgage product and rate in place for 10 years. Rather than the standard 2 or 5 year fixed products. Potentially offering more stability with rates, but also potentially trapping a borrower on a certain product and rate if/when rates come back down. A 10-year fixed product should always be carefully looked into with the help of a mortgage advisor.
TSB Mortgage Product Changes For Additional Borrowing
The lender has also announced that they will be increasing rates on products for people wishing to remortgage and increase their borrowing amount. The changes are being made to:
- 2 Year Fixed Buy to Let, by up to 0.30%
- 5 Year Fixed Residential, by up to 0.30%
- Product end dates move out to the end of October
For a full breakdown of these rate changes, please give our advisors a call to see how we can help you to get a new competitive product.
