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TSB slashes rates on five-year fixed deals

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TSB slashes rates on five-year fixed deals

TSB has reduced interest rates by up to 0.15% on a range of its mortgages for borrowers looking to remortgage their home.

The cuts have taken the bank’s five-year fixed rate mortgages for remortgage borrowers to their lowest ever level, starting at 1.74%, for those with a 40% deposit, with a £995 fee.

Other rate reductions from the mortgage lender in its residential range include a cut of 0.15% to its three-year fixed rate mortgage for remortgage borrowers, with a 25% deposit.

There has also been a 0.15% reduction to its five-year fixed rate mortgage for remortgage borrowers with 15% upfront and a 0.15% cut to 10-year fixes for remortgagors with a 40% deposit.

Roland McCormack, TSB’s mortgage distribution director, said: “Just last week, we reduced the rates for a number of our buy to let mortgages. Now, we are further helping people to borrow well by launching our lowest ever five-year fixed rate for remortgage borrowers, as part of our rate reductions for selected products in our remortgage range.”

The lender also announced a rate increase. Rates for two and three-year fixed rate mortgages for house purchase borrowers, with a 5% to 10% deposit,  will increase by up to 0.15%.

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