TSB makes massive cuts of up to 100 bps

Essex Home Finance
Substantial reductions have been made to the first-time buyer and remortgage deals.
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TSB has slashed rates by up to 100 basis points with major reductions to first-time buyer and remortgage deals.

In its biggest price drop today, the lender has cut a five-year fixed rate for remortgage borrowers at 80% LTV from 3.24% to 2.24% with no fee.

The product only has early repayment charges (ERCs) in place for the first three years of the fixed-rate term.

Among the other highlights of today’s reprice, TSB has cut its 90% LTV three-year fix for first-time buyers by 90 bps from 3.34% to 2.44% with no fee.

The product only has ERCs in place for the first two years of the term.

Also in its three-year fixed with two-year ERC range, the lender has cut its 85% LTV deal by 85 bps from 2.94% to 2.09% with no fee.

In the same range, its 80% LTV deal has come down by 70 bps from 2.64% to 1.94% with no fee and its 75% and 60% LTV products have reduced by 30 bps and 25 bps respectively.

Other substantial reductions have been made to the following first-time buyer categories:

  • Two-year fixes cut by up to 20 bps
  • Two-year trackers cut by up to 20 bps
  • Five-year fixes with three-year ERCs reduced by up to 80 bps
  • Five-year fixes with standard five-year ERCs reduced by up to 55 bps
  • Ten-year fixes with five-year ERCs cut by up to 40 bps, but one deal increased by 35 bps

TSB has made cuts to the following home mover categories:

  • Two-year fixes and trackers cut by up to 20 bps
  • Three-year fixes with two-year ERCs reduced by up to 90 bps
  • Five-year fixes with three-year ERCs cut by up to 80 bps

Equivalent remortgage rates across many categories have also seen substantial price drops.

Original Article from Mortgage Strategy 13/10/21

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