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TSB and Santander product withdrawals and changes

ended 02. June 2023

Today, TSB (for the third time this week, according to one Newspage broker) has announced product changes, in this latest instance “urgent withdrawals to our 10 Year Fixed range". They're happening on Friday 2 June at 2pm. Santander has also announced today that: “On Monday 5 June, we’re increasing all residential new business fixed rates by between 0.05% and 0.43% and withdrawing the 60% LTV remortgage 5 year fixed rate at 4.08% with a £999 fee. We’re also increasing all Buy to Let new business fixed rates by 0.25%. There are no changes to the product transfer range.”. Any thoughts, send them over ASAP as this story is BREAKING.

1 responses from the Newspage community

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Editor
Justin Moy
Managing Director at EHF Mortgages
As many of us have reported all week, the sudden deadline for product withdrawals has been the blight of our Half Term holiday. Asking clients to make their minds up in seconds, with the most expensive and important purchase in their lives, is grossly unfair (to everyone). Santander has at least given us the weekend to get our business in order, it is welcome and perhaps is something TSB could learn from too. The increases we understand, Swap rates have moved off the back of the inflation figures, and hopefully this is a very short-term reaction, but giving brokers just 2 hours' notice (TSB) , or hiding rate changes in the small print of an email (Barclays...) is not going to win friends in the broker world. We have good memories...