In a bid to offer more financial flexibility and security to homeowners, TSB has announced the launch of their new 3-Year Fixed Product Transfer rates. Available from Thursday the 3rd of August 2023, these mortgage products are set to cater to various Loan to Value (LTV) ratios, meaning homeowners can potentially lock in competitive interest rates and protect their finances for the next three years.
What Are The New 3-Year Fixed Product Transfer Rates?
These new 3-Year Fixed Product Transfer rates will be available to existing customers, allowing them to renew their current mortgage deals with ease through a qualified mortgage broker. Here are the key features of the new products:
- 0-60% Loan to Value with a £995 fee at a rate of 5.79%
For homeowners with a Loan to Value ratio of up to 60%, TSB offers a fixed interest rate of 5.79% for three years.
- 60-75% Loan to Value with a £995 fee at a rate of 5.84%
Customers who have a Loan to Value ratio between 60% to 75% can select a 3-Year Fixed Product Transfer at a rate of 5.84%.
- 75-80% Loan to Value with a £995 fee at a rate of 5.89%
TSB’s 3-Year Fixed Product Transfer at 5.89% is designed for customers with a Loan to Value ratio between 75% to 80% e.g. up to 25% deposit.
- 80-85% Loan to Value with a £995 fee at a rate of 5.94%
For those with an LTV ratio ranging from 80% to 85% e.g. up to 20% deposit, TSB offers a fixed interest rate of 5.94% for three years. This product presents an opportunity for homeowners to secure a stable mortgage rate, even if they have a higher LTV ratio.
What Do These New Products Mean?
The new mortgage products are expected to attract significant interest among existing TSB customers, as they present a range of competitive rates and options for various LTVs. Also, with a straightforward fee of £995, customers can better evaluate their mortgage choices and determine the best option for their unique financial circumstances with the help of a mortgage broker.
It is crucial for homeowners to assess their financial situation and consult with a mortgage advisor, to determine the most suitable 3-Year fixed rate for their needs. By doing so, they can make an informed decision that aligns with their long-term financial goals. Overall, TSB’s introduction of the 3-Year fixed product transfer rates represents a promising opportunity for homeowners to secure affordable and stable mortgage options in an ever-changing financial landscape. With the reassurance of fixed interest rates for three years, homeowners can potentially plan their finances more confidently and invest in their future without uncertainty.
Speak To a Mortgage Broker
If you think that a 3-year fixed might be right for you, then call our team of expert mortgage advisors today to see what your options might be. We can help you to determine the most beneficial route forward for your mortgage, so give our team a call or send us an email today to see how we can help. Our initial mortgage consultations are free of charge, and can be done face to face, over the phone, or via zoom.