Mortgage lenders TSB and Skipton Building Society have send messages to brokers this morning to inform them that they will be re-introducing products to the mortgage market. These new products are higher in interest rates than they previously were and follow suit with the trend of most other lenders in the UK at the moment, as the country still struggles with the economic crisis. Here is a breakdown of the changes that have come in to effect from both lenders.
New Products From TSB
TSB have announced that from Wednesday the 21st of June 2023, they will be making changes to their residential, product transfer and additional borrowing products. These changes are the following:
Residential
We’re reintroducing:
- 2 and 5 Year Fixed House Purchase and Remortgage 0-85% LTV £995 fee products
We’re increasing rates on:
- 2 and 5 Year Fixed House Purchase £0 fee, by up to 0.40%
- 2 and 5 Year Fixed Remortgage 0-85% LTV £0 fee, by up to 0.25%
Product Transfer
We’re increasing rates on:
- 2 Year Fixed Residential 0-90% LTV, by 0.25%
- 5 Year Fixed Residential 0-80% LTV, by up to 0.15%
End date changes for:
- 2 Year Fixed Residential 0-90% LTV products move out to the end of October
- 5 Year Fixed Residential 0-80% LTV products move out to the end of October
Additional Borrowing
We’re increasing rates on:
- 2 and 5 Year Fixed Residential, by up to 0.25%
End date changes for:
- 2 and 5 Year Fixed Residential products move out to the end of October
Skipton Building Society New Products
Skipton have announced that they will be making rate changes to their current product offerings. The main changes being:
Key Changes
- Rate increases across our fixed rate purchase and remortgage ranges
- Rate changes on selected Base Rate Tracker products
- Withdrawal of a selected Shared Ownership product
- Our Track Record product will remain at 5.89%.
To get a full list of these changes and product updates, you can call our team of advisors at Oportfolio who will happily go through the available products and rates with you.
Speak To a Mortgage Advisor
In a climate where mortgage rates are increasing on a daily basis, the best thing you can do is speak to a mortgage advisor to make sure that you are getting the best deal possible. Our initial mortgage consultations are completely free of charge and can be done in person, over the phone, or via zoom. If you want to proceed with a mortgage application through us at a later date, we will charge a fee to do so which you can discuss with your broker beforehand. Give us a call today or drop us an email to speak to a mortgage professional.
