TSB has cut the cost of its fixed rate deal for borrowers who want to lock in for five years.

The deal has been reduced by 0.10% on the five-year fixed rate at 60-75% loan-to-value for residential remortgage borrowers.

This means it is available for borrowers with at least 25% of the property’s value as a deposit.

The new rate is now 1.79% with a £995 fee.

Roland McCormack, mortgage distribution director, said: “The interest rate reduction on our five-year fixed rate remortgage product is a welcome step for those looking to fix their monthly payments for a longer period of time. 

“TSB is committed to helping people to borrow well and this rate reduction is an example of us doing exactly that.”

Deals withdrawn

TSB also announced it will not be offering some mortgages from its range for a short period, including its three-year fixed rate house purchase and 10-year fixed rate house purchase and remortgage products.