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TSB cut fixed rates for first-time buyers and home movers

Journalist: Justin Moy, Contributing Editor

ended 20. August 2024

TSB have today announced cuts of up to 0.25% to a range of 2-, 3- and 5-year fixed rate deals for Homeowners and First Time Buyers, with new rates starting tomorrow. With rate cuts continuing to feature within the High Street lending market, Newspage asked brokers for their views, below.

 

6 responses from the Newspage community

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Editor
Justin Moy
Managing Director at EHF Mortgages
TSB are hitting it out of the park at the moment. Further cuts to mortgage rates will be welcome news for borrowers, as the market looks to encourage more activity for homebuyers and first-time buyers, improving affordability and keeping the property wheel spinning. Those looking to refinance will need to be patient, as rates will catch up eventually, but with subdued housing transaction numbers, lenders are clearly keen to push the envelope wherever possible.
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Ben Perks
Managing Director at Orchard Financial Advisers
As the rain falls, so do mortgage rates. TSB are brightening up what is otherwise a very dull morning across most of the UK. Swap rates continue to trickle downward so hopefully more cuts are on the way as we head into the Bank Holiday weekend.
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Editor
Michelle Lawson
Director at Lawson Financial
Though it's next week, this is a Bank Holiday bonanza for borrowers from TSB as it cuts rates further. This is the third time this month for them. It's also refreshing to see decreases at the higher loan-to-values, which is where it's needed most.
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Editor
Darryl Dhoffer
Founder at The Mortgage Geezer
TSB has shown commendable foresight by becoming the latest lender to slash interest rates on high LTV mortgages. In a market where many financial institutions seem reluctant to pass on savings to borrowers, TSB’s decision to support those with smaller deposits is a refreshing change. This move is not only beneficial for first-time buyers and those looking to remortgage but also demonstrates TSB’s commitment to helping people achieve their homeownership dreams. By making mortgages more accessible, they are contributing to a healthier housing market. It’s time for other lenders to follow TSB’s lead and offer similar support to borrowers. We applaud TSB for their proactive approach and hope to see more positive changes in the mortgage market soon.
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Ranald Mitchell
Director at bad credit mortgage specialists Charwin Mortgages
More rate cuts from TSB are yet another development in what has been an intensely competitive summer for lenders. With lenders fiercely vying for attention, the stage is set for a dynamic final quarter of the year. The momentum shows no signs of slowing, promising a fast paced and dynamic end to the year. This is great news for borrowers and the property market.
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Editor
Rohit Kohli
Director at The Mortgage Stop
TSB keeps the rate reductions flowing into the Bank Holiday weekend. In particular, the reductions being made at the higher LTV brackets deliver some good news for first-time buyers who are finally starting to see reductions they have desperately been waiting for.