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TSB cuts rates and increases max mortgage sizes

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TSB cuts rates and increases max mortgage sizes

TSB has increased the maximum loan size for some of its mortgages and slashed interest rates.

The lender has boosted the maximum loan available to £1m on all £1,995 fee products in its two-year fixed and tracker range for homemovers, first-time buyers and remortgagors.

Homemovers and remortgagors with a substantial deposit of 40% or more can also apply for a two-year fixed or tracker-rate mortgage with a maximum loan limit of £1m, doubled from £500,000.

Lower rates

Homemovers, remortgagors and landlords taking out fixed and tracker rate mortgages will benefit from the rate cuts at TSB, with the biggest reduction totalling 0.41%.

Highlights include TSB’s three-year fixed rate at 90-95% loan-to-value (LTV) for homeowners, which will be reduced by 0.41% to a new rate of 3.58% with a £995 product fee.

Homeowners opting for an LTV of 60-75% will see TSB’s three-year fixed rates slashed by 0.40% to 1.54% with a £995 product fee, while its three-year deal for remortgagors will be reduced to 1.64%, also with a £995 product fee.

Borrowers opting for TSB’s shared ownership and shared equity mortgages as two or five-year fixed loans will see rates drop by up to 10bps.

Rates have also been lowered on a range of buy-to-let purchase and remortgage deals by as much as 0.20%.

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