TSB has launched a range of mortgages for first-time buyers, with no product fees and £750 cashback, to help would-be homeowners take their first step on the property ladder and borrow well.
The introduction of the new 2, 3, 5 and 10-year fixed rate products for first-time buyers, starting from 1.84%, as well as a 2-year tracker from 1.74%, will all include £750 cashback.
TSB is also reducing rates across other products with its best ever 5-year fixed rate for remortgaging at 1.89% with 0-60% LTV.
And from today, shared ownership customers with a 0-75% LTV could gain from a reduced rate of 1.74% with a £995 product fee or 2.24% with no product fee, for a 2-year fixed rate mortgage.
Roland McCormack, TSB mortgage distribution director, said: “Following a record summer of applications from customers looking to remortgage with TSB, it’s great to launch our best ever 5-year remortgage rate today. Not only that, but TSB is helping first-time buyers take their first step on the property ladder with the launch of our new, dedicated mortgage range offering £750 cashback and no product fees to new homeowners. TSB really is a lender that supports homeowners to borrow well, no matter if it’s for a customer’s first shared ownership home or if it’s downsizing into retirement.”
The news comes after last week’s announcement that TSB was scrapping mortgage application fees across the entire product range.
The cashback offer hasn’t gone down well with everyone however.
Simon Read, former personal finance editor at The Independent and money expert on BBC1‘s Right On The Money, took to Twitter to say: “Now TSB is handing £750 cashback to first time buyers. Are we really returning to the days of bribes we last saw before the mortgage crisis?”