TSB has announced it has cut interest rates by 0.10% on a selection of its mortgage deals.

The mortgages to benefit from the rate reduction include five-year fixed rate mortgages for home movers, first time buyers and remortgage borrowers who need to borrow 60-85% of their property’s value.

Two-year fixed rates and two-year tracker rates have also been cut for remortgage borrowers needing a mortgage of 60-75% of the property’s value.

Home movers and first time buyers in the 85-95% LTV category, with a modest deposit, will now receive £250 cashback.

All TSB mortgages come without application fees.

Roland McCormack, mortgage distribution director, said: “We want to help more people to borrow well and today’s rate cuts are good news for those with a higher deposit [60-85% loan-to-value] looking to get a mortgage. Home movers and first time buyers with smaller deposits [85-95% loan-to-value] can get £250 cash back, which will help with the cost of moving.”

The previous £750 cashback offer, which was available to first-time buyers borrowing over 75% of the property’s value, has been removed.