TSB slashes 10-year mortgage rates by up to 1.3 per cent

Christina Hoghton
Written By:
Christina Hoghton

The cuts will benefit those with a modest deposit as well as shared ownership borrowers

TSB has slashed the interest rates on some of its higher loan to value (LTV) fixed rate mortgages by up to 1.3 per cent.

The lender made the move along with a series of other rate changes and product overhauls to its shared ownership offering.

The biggest cuts come to its ten-year fixed rate range, with deals for purchase and remortgage at up to 90 per cent LTV seeing sharp reductions by up to 1.3 per cent to 2.99 per cent.

This applies to products with free legal services or £300 cashback.

Its house purchase ten-year fix at up to 95 per cent deal has also been cut by one per cent to 4.09 per cent.

Shared ownership overhaul

Rate cuts and new products have also been added to its shared ownership range with reductions of up to 0.25 per cent. All deals within this range now have £500 cashback.

Among the more than 25 product changes, TSB made one rate increase to its two-year fix for house purchase at up to 90 per cent LTV – which rose from 2.39 per cent to 2.49 per cent.

End dates on all products have been extended to 29 February 2020.

TSB head of mortgages Nick Smith said: “With the continuing economic and political uncertainty, these changes will be welcomed by many borrowers, particularly those with smaller deposits who are looking to re-mortgage onto longer term fixed rate products.

“In addition, to help people get their foot on the housing ladder, we have made some quite chunky interest rate reductions to our shared ownership range.”