TSB Cut fixed rates by up to 0.7%
TSB has just announced a comprehensive range of fixed-rate cuts, with some rates down by as much as 0.7% (Product Transfers). Newspage asked brokers for their views, below.
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These new rates from TSB will make any borrower think twice before signing onto a new deal with any other lender. TSB have really thrown down the gauntlet with some of these reductions and we are hoping that this rate war continues. All eyes on tomorrow's inflation and what that may bring.
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TSB have joined the party with competitive cuts to Product Transfers and notably a good 3-year option, too. Lenders across the board have reduced rates this week and its fantastic news for borrowers. Surely every other big lender will join in now. I mean, you wouldn't want to be the only one not at the party would you... Nationwide?
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The tumble of rates continues apace and it's exciting to see some extremely chunky reductions now from TSB, following on from Natwest and HSBC yesterday. The headline rates are great, but the biggest buzz right now is the practical and real-life impact these reductions are having on borrowers. As an example of this, I have clients who will now be saving £57, £101 and £84 a month thanks to these latest cuts. That's thousands of pounds over the next couple of years. In this world where every penny still matters, this is a massive relief for many and fingers crossed that this really is now a clear and persistent sign that 2024 holds more positive news for borrowers of all kinds.
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TSB's hefty rate cuts are a bold move, aligning them with the competition and benefiting many borrowers, particularly with their 3-year fixed rate products. This trend of high street lenders slashing rates continues, offering attractive options for buying or refinancing. TSB's aggressive approach, especially for existing clients, keeps them in the race amidst market-wide reductions. These changes mean real savings for borrowers, underlining the importance of staying informed and seeking advice. This is a much-needed relief for many, signalling a potentially brighter 2024 for all kinds of borrowers.
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TSB have taken a sledgehammer to rates here. They have money to lend and want to lend. It is a blinder of a move by TSB and many borrowers out there will be able to benefit. Great savings on a 3-year fixed rate product, too, which not many lenders even have in their product offering.
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Yet more high street mortgage rate cuts, this time from TSB who are catching up with the rest of the market. In particular, the rates for existing borrowers have seen the biggest cuts, with sub-4% longer-term deals attracting the headlines. All these rate cuts are making it more attractive to buy or refinance, with the knowledge that future improvements can also be taken advantage of.
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These latest rate cuts from TSB are aggressive with reductions of up to 0.7% for existing clients looking to switch their deal. The purchase and remortgage cuts will keep them firmly in the pack following a flurry of rate reductions across the market this week. The good news for borrowers keeps on coming. Fingers crossed for some positive inflation data tomorrow.
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I dont want to sound like a broken record, but yet more massive reductions from a high street lender- but not Natiownide. The lack of repricing from them is noticable and brokers are beginning to question why?
TSB are the first to offer below 4% on a 3 year fixed product too, this is an underserviced product in the market currently
TSB are the first to offer below 4% on a 3 year fixed product too, this is an underserviced product in the market currently
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Welcome to the race TSB, this should be followed by the smaller lenders and societies over the coming week. Given today is still early in the week, I am predicting perhaps a few more lenders to show their hand of whats to come over the rest this month. What a start to the year its been.
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One of the last to the party but thankfully they finally showed up. Nationwide still seem to be stuck in traffic, though. It's great to see TSB offering rates to their existing borrowers that are now in line with the rest of the market instead of being stuck out on a dinghy in the ocean.
It will be a great relief to those borrowers with TSB who are unable to move elsewhere. It's vital to get advice about your mortgage options because no lender is going to call you to let you no their rates have reduced, but as an adviser we are informed when there are changes and monitor rates until completion.
It will be a great relief to those borrowers with TSB who are unable to move elsewhere. It's vital to get advice about your mortgage options because no lender is going to call you to let you no their rates have reduced, but as an adviser we are informed when there are changes and monitor rates until completion.