TSB Announces Significant Rate Cuts to Bolster Homeownership

by | Wednesday 22nd Nov 2023 | Mortgage News

In a communication to all subscribing mortgage brokers, TSB has recently announced some pretty substantial cuts to their mortgage interest rates across various parts of their residential mortgage product range. These reductions extend to both shared ownership and shared equity mortgages, marking a positive development for both first-time buyers looking to get onto the property ladder and existing homeowners looking to remortgage.

Shared Ownership Rate Reductions From TSB

The most notable adjustments come in the form of reductions of up to 0.85% on shared ownership and shared equity loans. TSB’s two-year shared equity loans for both movers and first-time buyers, with a loan-to-value (LTV) ratio of up to 60% (40% deposit), now start at an attractive 5.04%. This deal also comes with a £500 cashback incentive which is really attractive for first-time buyers who may be a little strapped for cash!

First-Time Buyers

First-time buyers and movers opting for two-year purchase fixed-rate deals, also with an LTV of up to 60%, can benefit from rates as low as 4.99%. Additionally, for those considering a five-year fixed-rate remortgage with a LTV of up to 60%, rates now begin at 5.09%, accompanied by a £300 cashback too.

The reductions extend across various mortgage products, including house purchase two-year fixes at different LTV levels. For instance, rates for house purchase two-year fixes up to 85% LTV have been reduced by up to 0.30%, hopefully making homeownership goals a little more affordable for those with smaller deposits. Similarly, house purchase three-year fixes up to 75% LTV have seen reductions of up to 0.30%, providing a bit more stability potentially, for those looking over a slightly longer term.

Shared Equity Mortgages From TSB

TSB has also addressed the needs of those considering shared ownership and shared equity options, with rates reduced by up to 0.85%. This move reflects the bank’s commitment to supporting a diverse range of homeownership models, acknowledging the increasing popularity of shared ownership arrangements and the increasing struggles of getting a straightforward mortgage in this day and age.

TSB Extend Product End Dates

Another notable feature of TSB’s announcement is the extension of product end dates to the end of March 2024. This extension provides potential homeowners with a more significant window of opportunity to take advantage of the reduced rates and favourable terms.

Speak To a Mortgage Expert

Of course, because of these changes, we can’t stress enough how much we want to encourage potential homebuyers to explore their mortgage options thoroughly. Rather than going direct to their bank and choosing the first product offered to them. At Oportfolio Mortgages, our job is to help you to find the most competitive deal possible for your mortgage. With a team of expert mortgage advisors, Oportfolio Mortgages is well-positioned to provide personalised advice tailored to individual financial situations and homeownership goals.

Our brokers specialise in the intricacies of the mortgage market, and we ensure that all of our clients secure the best possible mortgage terms. By leveraging their expertise and industry knowledge, our experts empower our clients to make informed decisions, guiding them through the entire mortgage process with confidence.

Oportfolio Mortgage Brokers

As the mortgage landscape continues to evolve from 2023 into 2024, TSB’s proactive rate cuts underscore the importance of staying informed about available opportunities. Whether you are a first-time buyer, a home mover, or someone considering a remortgage, the current market conditions present a favourable environment, and expert guidance from Oportfolio Mortgages can help you make the most of these opportunities. Call or email our team today to arrange a free initial mortgage consultation chat. We are here to help.

We're Here to Help

If you have any questions about UK mortgage news or or anything you’ve read then please get in touch. We’d love to hear from you.

As featured in

Understanding a Volatile Mortgage Market eBook

Download Our eBook

Join our mailing list and receive a link to our latest ebook, Understanding a Volatile Mortgage Market. 23 pages of practical insights to navigate the unpredictable mortgage landscape.

You Will Receive A Link To Your eBook Shortly!