TSB announces rate increases and cuts: "TSB’s decision to hike fixed rates by up to 0.3% feels like pulling on a scratchy Christmas jumper"

A wobbly Wednesday from TSB with a mixed bag of rate changes. This further demonstrates the volatility of the mortgage market although these are just minor adjustments rather than anything catastrophic. Borrowers should act now if their mortgage is due for review in the New Year and secure what they can.

TSB announcing some increases in mortgage rates adds an unexpected twist to the festive period for homeowners. While families may have been hoping for a financial breather ahead of Christmas, the bank's move could mean higher monthly payments for some.

These seem like simply tweaks to rates rather than a seismic shift in either direction, and the lenders just seem to be fine-tuning the margins and profits they are trying to make. The headlines are confusing for borrowers, with many expecting to see more competition after the Bank of England rate cut. The lenders, however, are in a world of their own, at the whim of inter-bank swap rates that dictate their pricing structures. With odds of a December rate cut lower than those on a white Christmas, poor borrowers are being left out in the cold.

TSB seem to be getting their ducks in a row in time for the final push of new business for 2024. With only a few weeks left in the tank for 2024, they need a little flurry of activity to top up their books. In laying out their festive stall, TSB seem to be saying welcome, come in from the cold to the new lower loan to value business while at the same time, shoving their existing landlords out into the cold. They would have been clinging on to the hope that they can secure a new cheaper interest rate, but no the Grinch has come along and pulled the rug from under them with a 0.3% increase. Not a positive end to the year for the average landlord trying to make things work.