In a very surprising move, TSB lower mortgage rates across their residential, buy-to-let and product transfer product offerings. This means that both new borrowers and existing TSB loan owners can get a lower rate with the Edinburgh based lender through specialist mortgage advisors like Oportfolio mortgages. So why are these lower mortgage rates from TSB so surprising? Well over the last couple of weeks, the exact opposite has been happening with most lenders in the UK market.
UK Mortgage Rates In General and TSB Lower Mortgage Rates
Over the last few weeks the UK mortgage market has definitely gone in the wrong direction. After the mini budget announcement at the end of 2022 and the subsequent initial rate hike, it seemed that most lenders had settled back down and almost every day banks and building societies were reducing their rates. However, after the office of national statistics announced that the drop on UK inflation had not been as significant as we had hoped, most lenders panicked and started to withdraw products and bump up their rates again.
As they always have historically, rates will come back down again when inflation is under control and the base rate comes down. But these recent rate rises definitely rattled a few cages with borrowers and brokers alike. That is why these newly announced rate reductions from TSB have gotten us all excited at Oportfolio mortgages!
New TSB Mortgage Rates
Here is the information that TSB provided our mortgage brokers with this morning:
On Tuesday 13 June, we’re reducing rates on selected 2 and 5 Year products by up to 0.40% across our Residential and Buy to Let ranges. With products available for customers completing a House Purchase, Remortgage, or Product Transfer.
We’re reducing rates on:
• 2 Year Fixed House Purchase, 90-95% LTV £0 fee, by 0.20%
• 2 Year Tracker House Purchase and Remortgage, by 0.30%
• 5 Year Fixed House Purchase, 0-85% LTV £995 fee, by up to 0.20%
• 5 Year Fixed House Purchase, 90-95% LTV £0 fee, by 0.20%
• 5 Year Fixed Remortgage, 0-75% LTV £995 fee, by 0.10%
Buy to Let
• 2 Year Tracker House Purchase and Remortgage, by 0.40%
• 2 Year Buy to Let Tracker, by 0.40%
• 2 Year Residential Tracker, 0-85% LTV, by 0.30%
• 5 Year Fixed Residential, 0-75% LTV £995 fee, by 0.10%
Full List of New TSB Rates
Please note, these rates are ones announced on the 12th of June 2023 and therefore may have changed if you read this blog any time after this date. For up to date rates and products, please give our team a call for free or send us an email.
Speak To a Mortgage Advisor
If you are anyone you know is wanting to make the most of mortgage rate reductions, please call our team on 02088771169 or send us an email to [email protected] to see how we can help.