TSB refreshes affordable housing range

Michael Lloyd

October 18, 2019

TSB has refreshed its affordable housing range including its purchases, remortgages and shared ownership offerings.

It has cut rates by up to 0.25% and all products within this range now come with £500 cashback.

Nick Smith, head of mortgages at TSB, 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 remortgage 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.”

Within the 10-year fixed house purchase range from 85% to 90% LTV, TSB has cut the rate from 4.04% to 2.99%.

Within the same range TSB reduced the rate for its 90% to 95% LTV mortgage from 5.09% to 4.09%.

Both products come with 5-year ERCs if borrowers repay their loan within the first five years.

After five years there are no ERCs.

For 10-year fixed remortgages available from 85% to 90% LTV, TSB has cut the rate from 4.29% to 2.99%.

The remortgage offering comes with the option of free legals or £300 cashback.

Within its 5-year fix shared ownership house purchase range TSB has added a 2.44% mortgage available from 75% to 85% LTV and a 2.84% available from 85% – 90% LTV both with no fee.

In the shared ownership remortgage range TSB added a 2-year fixed 2.64% offering at 85% to 90% LTV with no fee.

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