TSB is set to adjust selected mortgage rates, effective from 7th November.
- The adjustments impact first-time buyers, home movers, and remortgage clients.
- Product end dates for various mortgage types are extended until the end of March.
- Interest rates for certain mortgage products are either increasing or decreasing.
- A new product guide will be published outlining these changes.
In a recent development, TSB announced adjustments to their mortgage rates, which will take effect from 7th November. This change predominantly affects individuals such as first-time buyers, those moving home, and clients looking to remortgage their properties, offering a mix of rate increases and reductions.
For many, a significant alteration is the extension of product end dates for residential, shared ownership, and shared equity mortgages, now pushed to the end of March. This decision grants clients more time to secure mortgages under the revised terms, potentially easing the pressure for those considering a purchase or refinance.
Among the rate modifications, TSB has disclosed an increase of 0.10% on their five-year fixed products, specifically targeting first-time buyers and home movers with a loan-to-value ratio of 0-60%. This adjustment may have implications for new market entrants and those planning to move residences.
Conversely, there is some relief for buyers as TSB reduces selected two- and five-year fixed rates by up to 0.15% for borrowers with a loan-to-value of up to 90%. This move could potentially attract more individuals looking to enter the market or upgrade their current living arrangements.
Additionally, the two-year fixed remortgage product for loan-to-values between 60% and 80% will see a reduction of 0.15%, providing better refinancing options for existing homeowners. TSB is making these changes alongside the publication of a new product guide on their website, which will precisely detail the adjustments.
Prospective applicants are encouraged to submit applications for the current mortgage products before the end of 6th November to benefit from the prevailing terms. This call to action indicates a strategic push from the bank to finalise existing deals under the old rates.
TSB’s mortgage rate adjustments reflect strategic responses to current market conditions, affecting numerous prospective and current homeowners.
