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TSB reduce rates by up to 0.50%

Journalist: Newspage News desk, Freelance

ended 07. September 2023

TSB has announced that, from Friday 8th September, it will be making further reductions to Residential, Buy to Let, Product Transfers, and Additional Borrowing by up to 0.50% The key takeaways are below. Free UK news agency, Newspage, sought the views of brokers, below.

Residential - Reducing rates on:

  • 2 Year Fixed House Purchase and Remortgage 0-75% LTV, by up to 0.20%

Buy to Let - introducing:

  • 2 and 5 Year Fixed Remortgage £0 fee products, with rates starting from 5.79%

Also reducing rates on:

  • 2 and 5 Year Fixed House Purchase and Remortgage, by up to 0.50%

Product Transfer - reducing rates on:

  • Buy to Let 2 and 5 Year Fixed, by up to 0.50%

Additional Borrowing - reducing rates on:

  • Buy to Let 2 and 5 Year Fixed, by up to 0.50%

 

7 responses from the Newspage community

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Jamie Lennox
Director at Dimora Mortgages
It's great news to see TSB come out with some chunky reductions across their product range. Following yesterday's comments from the Governor of the Bank of England, Andrew Bailey, that we are near the top of the cycle, this will give huge confidence to banks and building societies that we are approaching the end of base rate rises. This could drive further reductions across the mortgage industry, providing huge relief for many families who are treading water to keep their finances afloat.
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Lee Gathercole
Co-Founder at Rebus Financial Services
Good news. It's great to see another high street bank reviewing their mortgage rates and these are considerable drops, too. It will be interesting to see how they fare for the remainder of the month with another marginal rate rise expected in a few weeks. But very welcome news for mortgage holders and first-time buyers.
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Ranald Mitchell
Director at bad credit mortgage specialists Charwin Mortgages
Great news from TSB making decent-sized reductions across their products. This latest reprice is a sure indicator that TSB mean business and wants to remain at the competitive edge of the rate race. The weekly rate reductions from high street lenders are hugely welcomed from an arguably over-priced position. However, all eyes are on the MPC on 21st September and, if they increase the base rate, will mortgage pricing continue to drop?
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Justin Moy
Managing Director at EHF Mortgages
TSB's latest reprice is another sign of recovery in the mortgage market, as lenders look to grab some market share and seek to achieve their lending targets. More encouragement for borrowers, slowly but surely. Let's hope the inflation figures due next week don't put the brakes on.
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Craig Fish
Director at Lodestone Mortgages
These rate reductions are much more newsworthy than some that we have witnessed of late and will be welcomed by brokers and borrowers alike. It certainly seems that the current trend is downward, let's just hope this continues. These reductions will now bring TSB into line with some of the other lenders, who are all vying for business levels in their preferred market space. Let's face it, though, the reductions are going to need to be bigger than this to pump some life back into the market.
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Graham Cox
Director at Bridging Hub
Rate cuts of 0.5% are great news for borrowers and show how competitive it is among lenders to drum up business. In addition, UK swap rates are slowly falling, and this makes wholesale funding costs for lenders less expensive. Whisper it, but there are tentative signs the worst is over.
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Gary Bush
Financial Adviser at MortgageShop.com
Another High Street lender reducing their rates is obviously good news for consumers and we look forward to more of a rate war starting among lenders. New mortgage enquiry activity has been increasing in September so far and long may this continue.