The lender, which was recently acquired by Spanish lender Sabadell, announced that rates would rise by up to 0.15%.

It said this move was in line with competitors and would only affect those products with a lower loan-to-value. The change will affect both fixed rate and tracker mortgages.

TSB said there would also be a 0.05% increase on its two-year fixed rate deal, available to borrowers with a 15% deposit.

There is some good news for buyers as the lender is cutting its three-year fixed deal for homebuyers. This product is now on offer at a rate of 3.64%, although a cashback offer has been removed.

The lender said all homeowners who remortgage their home with TSB can still access a free valuation and the bank will also cover the standard legal costs. Customers with a TSB current account also have additional benefits.