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TSB Rate Reductions for existing and new borrowers

Journalist: Justin Moy, Contributing Editor

ended 31. August 2023

TSB has announced a wide range of price reductions, including Product Transfers for existing clients, from the 1st September

  • How does this fit in with the recent announcements from Halifax, Skipton BS and Coventry BS, and are we still seeing competition driving rates down, rather than Swap rates? 
  • Will we see a similar pattern in September, as lenders scramble to hit their lending targets? 
  • Does this change how you advise clients between now and the end of the year?

As always your comments and thoughts are welcome!

3 responses from the Newspage community

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Editor
Justin MoyVerified
Managing Director at EHF Mortgages
This is more good news for Borrowers, as it seems competition between the mainstream lenders is definitely helping drive down mortgage rates. I expect other lenders will ensure their rates are more competitive as we move into September, and whilst these reductions are small, they give us all hope for next year.
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Editor
Stephen PerkinsVerified
Managing Director at Yellow Brick Mortgages
These are some sizeable reductions, especially on the 5-year fixed rates now under 5.5%. A clear sign that lenders are fiercely fighting over a reduced market to reach their lending volume targets. The biggest winner here is the borrowers.
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Editor
Aaron StruttVerified
Product and Communications Director at Trinity Financial
It is good news the lenders are lowering their rates but the best buy deals do not seem to be getting much cheaper. Most of the banks and building societies are not keen to offer the lowest headline rates despite making some large price improvements.