TSB reduces resi rates
Effective from 20 September, TSB has made reductions across its residential range.
These include cuts of up to 0.20 per cent on selected two-year, three-year and five-year fixed purchase rates.
Reductions of up to 0.10 per cent have also been made on two-year and three-year fixed deals up to 60 per cent loan to value (LTV) and five-year fixes up to 90 per cent LTV for remortgaging.
TSB head of mortgages Nick Smith said: “We’ve made a number of changes to our residential mortgage range with the sole purpose of helping more people borrow well.
“The changes should go some way to offering peace of mind to those looking to fix their monthly payments for two to five years.”
Responsible Lending has released a fixed rate lifetime mortgage with what it claims to be the UK’s “lowest ever” interest rate.
Available through Responsible Life’s Retirement Mortgage Service, the mortgage has a 2.74 per cent monthly interest rate (MER) and 2.82 per cent APR.
The new product has a rate lower than Responsible Lending’s own previous rate of 2.98 per cent MER (3.02 per cent APR), which was released in August.
It is available with and without drawdown and on a sliding scale of loan to values (LTV) dependent on age.
For example, a customer aged 70 could access the rate with an LTV of up to 24 per cent and for joint applications the LTV is up to 23 per cent, with no upfront fee.
The minimum loan amount is £10,000 and the product has fixed and early repayment charges (ERC). Customers can repay up to 10 per cent of their loan each year without incurring an ERC.
Keith Haggart, managing director of Responsible Lending, said consumers could now benefit from an enormous range of products and the most competitive rates the industry has ever seen.
“We are extremely pleased to be able to beat our own market leading rate to set a new all-time low for the industry,” he added.