See the latest announcement from TSB below. Note that you can access TSB via the Brilliant Solutions mortgage club but the lender does place some restrictions on access. Contact us for details.
TSB Mortgage Product Guides are available here but check the date to ensure it has been updated to reflect the announcements below.
Changes to Residential and Buy to Let products
IMPORTANT NEWS FROM TSB: Changes to Residential and Buy to Let products
From 9 May, TSB has made changes to Residential and Buy to Let products.
Temporarily withdrawn
- 2 Year Fixed First Time Buyer, House Purchase and Remortgage, £995 fee products
Increased rates on:
Residential
· 5 Year Fixed First Time Buyer and House Purchase 75-90% LTV by 0.10%
· 5 Year Fixed New Build First Time Buyer and House Purchase by 0.10%
Buy to Let
· 5 Year Fixed House Purchase and Remortgage by up to 0.25%
The new product guide is attached and embargoed until 9am Monday 9 May.
Brokers will be informed of product withdrawals on Friday 6 May at 2pm and asked to submit existing applications by 8pm on Sunday 8 May.
Bank of England base rate increase
Following the Bank of England base rate increase on 5 May TSB has made the following changes to our variable and tracker rate products:
· All tracker rates increased by 0.25%
· First-Time Buyer follow-on rate increased to 3.49%
· Homeowner Variable Rate increased to 4.49%
· Buy to Let variable Rate increased to 5.34%
These rate changes come into effect for new business on 9 May, and existing customers on 1 June.
Re-introduction of Residential fixed rate products
From 13 May, TSB has reintroduced the following £995 fee residential products, available to first-time buyers, home movers and applicants who are re-mortgaging – including a 5-year fixed rate mortgage at 2.49%.
- 2 and 5 Year Fixed First Time Buyer, House Purchase and Remortgage
- 5 Year Fixed First Time Buyer and House Purchase New Build
As with the lender’s existing range, all these products come with a free basic valuation, helping applicants to save money and borrow well.
The new product guide is attached and is available for brokers on the intermediary website from today.