The mortgages receiving the rate reduction include five-year fixed rates for home movers, first time buyers and remortgage borrowers from 50-85% Loan to Values (LTV). Rates have also been cut for applicants for two-year fixed rates for remortgage borrowers from 60 to 75% LTV two-year tracker rates also for remortgage borrowers for the same LTV tier.
Homemovers and first time buyers in the 85-95% LTV category will also now receive £250 cash back.
Roland McCormack, mortgage distribution director, (pictured) said: “We want to help more people to borrow well and today’s rate cuts are good news for those with a higher deposit looking to get a mortgage.”
The previous £750 cashback offer, which was available to first-time buyers in the 75% LTV or above category only, has been removed.
None of TSB mortgage range charge application fees.
In its January update (above), TSB confirmed £6.6bn of mortgage lending in 2016, representing a 37% rise year-on-year, but warned of a significant drop in profits ahead due to fees paid to Lloyds for the continued use of its IT infrastructure.
Profit before tax leapt up by 169% last year seeing year-end profits reach £182m and TSB awarded staff more than six weeks’ pay as a bonus, in a total payout worth £28m.
The bank also confirmed it will roll out product transfer fees toward the end of this year.
TSB began lending through the intermediary market in January 2015 after launching its mortgage offering direct to consumer in September 2013, following its separation from Lloyds Banking Group.