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TSB reduces fixed rates "ahead of a big week for borrowers"

ended 15. July 2024

TSB has this morning announced rate reductions across selected residential, buy-to-let, product transfer and additional borrowing products of up to 0.2% (see below). Newspage asked brokers for their views, especially the timing of these cuts ahead of the important inflation data due out this week.

10 responses from the Newspage community

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Justin Moy
Managing Director at EHF Mortgages
This is precisely the kind of news to brighten up a subdued England this morning. It's positive, on the front foot and not too defensive. Every rate cut announcement is setting up borrowers for a big win. If only TSB managed football teams....
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Rohit Kohli
Director at The Mortgage Stop
If you needed something to make you smile after Sunday night's disappointment, then this is it. TSB has delivered further reductions for borrowers, which will help to soothe hangovers. The consensus appears to be inflation to hold at 2% and, if that's the case, the pressure will be on the Bank of England to deliver a rate cut in August.
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Emma Jones
Managing Director at Whenthebanksaysno.co.uk
The timing of these cuts from TSB, ahead of this week's crucial inflation data, is a positive sign. The rate cuts have been coming thick and fast in recent weeks and are really starting to add up for borrowers. They're not huge cuts but all cuts count.
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Ranald Mitchell
Director at Charwin Mortgages
Football may not be coming home, but TSB's latest mortgage rate reductions are making mortgage seekers and mortgage holders the real winners this summer. With rates continuing to fall, there's finally something to cheer about. It's a golden opportunity for homebuyers to score big in the housing market.
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Ben Perks
Managing Director at Orchard Financial Advisers
TSB shaving their rates is welcome news to receive on a Monday morning. It's a big week for borrowers with the inflation data, which should give us a concrete indication of whether a Bank of England base rate reduction is on the cards in August.
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Stephen Perkins
Managing Director at Yellow Brick Mortgages
TSB are attempting to rejoin the mortgage rate peloton with these cuts, as they have been off the pace. This week's inflation data has the potential to either set the rate war on fire or pour cold water on it.
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Dariusz Karpowicz
Director at Albion Financial Advice
Another great piece of news and a rate decrease from one of the major lenders. TSB's decision to cut rates by up to 0.2% is timely, especially with CPI data due out this week. It's encouraging to see lenders consistently moving in the right direction with rate reductions. With the election over and inflation dat the Bank of England's target, we might even see a rate cut from the Bank of England at their next meeting. Let's keep the positive momentum going.
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Imran Hussain
Director at Harmony Financial Services
It's welcome news on this particular Monday morning. Football may not be coming home but we can hope reduced mortgage rates are. It's a massive opportunity for anyone who is due to remortgage in 6 months or looking to purchase a new property.
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Simon Bridgland
Director at Charwin Private Clients
Great to see the week start off with some good news from TSB. The sombre mood of a nation licking its wounds from last night's defeat while still waiting on a base rate reduction will be lifted slightly by these reductions. This is likely to be seen again throughout the week as more lenders follow suit. The regular flow of rate reductions has been keeping the market pretty positive as it holds on for the inevitable base rate reduction. Unfortunately, that first cut seems to be drifting further away.
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Katy Eatenton
Mortgage & Protection Specialist at Lifetime Wealth Management
A positive start to the week for borrowers after the pain on the pitch in Berlin. It's now time for other lenders to follow suit and create an enticing market for movers this summer.