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TSB launches 10-year fixed rate mortgage at 3.04%

  • 13/11/2015
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TSB launches 10-year fixed rate mortgage at 3.04%
TSB has launched a 10-year fixed rate mortgage with fixed rates starting from 3.04%.

The product is available to homeowners, first-time buyers and remortgagees across the whole market, with a loan-to-value (LTV) of 0-75%.

Home movers and first-time buyers with a loan value of 0-60% will now receive a rate of 3.04% with a fee of £995 or 3.14% with no fee. Loans with a LTV of 60-75% will receive a rate of 3.19% with a fee of £995 or 3.29% with no fee.

The new rate for remortgagees with a LTV of 0-60% will be 3.09% with a fee of £995 and 3.19% with no fee, with new rates of 3.24% with a fee of £995 or 3.34% with no fee for a LTV of 60-70%.

TSB has chosen to offer ten-year fixed rate mortgages as it has seen an ‘increasing demand’ from brokers and their customers to lock in historically low rates.

TSB has also cut rates of some of its other mortgages. Its five-year mortgage range has seen reductions of up to 0.25% for first-time buyers and homeowners with a LTV of 60-75%, while re-mortgagees see reductions of between 0.05% and 0.15%.

Homeowners looking for two-year fixed and tracker mortgages with a LTV of 60-75% will see a reduction of 0.15%, while those with a LTV of up to 80% see a 0.20% reduction.

Roland McCormack (pictured), TSB Mortgages Intermediary director, said: “For people looking for more flexibility and a shorter term, the reductions across TSB’s two, three and five year mortgages will certainly help them feel the difference in their wallet.”

In October, TSB announced it had made several reductions to its products across the board with a LTV of between 80-90%.

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