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TSB launches ‘breathing space’ mortgage range

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29/05/2015
TSB has launched a new range of mortgages, aiming to offer ‘breathing space’ to borrowers purchasing a new home.

The lender, which was formed after splitting from Lloyds Banking Group last year, said many borrowers were struggling with additional outgoings in their first year of home ownership.

These costs can include purchasing white goods, redecorating and moving costs.

To combat this, TSB has launched a number of products with a lower interest rate for the first year.

These mortgages are available for customers with a 5% to 25% deposit who apply in branch or over the phone. A more limited selection is available through mortgage brokers.

Both first-time buyers and home movers can access the product range.

Loan-to-value band, rate in year one, rate in years two and three:

90-95%, 3.59%, 4.69%

85-90%, 2.99%, 4.09%

80-85%, 1.84%, 2.94%

75-80%, 1.49%, 2.59%

All products include a £995 product fee and a £265 mortgage account fee.

Ian Ramsden, director of mortgages at TSB, said: “We know the first year after moving can often be expensive as people make their house a home. Offering homebuyers some breathing space on their mortgage during the first year will give them the support to achieve this.

“Helping people get a foot onto the property ladder is a fundamental part of creating thriving local economies, and people thriving across the country is what we call, local banking for Britain.”

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