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TSB cuts rates and MBS launches two-year fixes – round-up

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  • 22/05/2020
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TSB cuts rates and MBS launches two-year fixes – round-up
TSB has reduced rates by up to 0.35 per cent and introduced purchase products up to 80 per cent loan to value (LTV).

 

The bank pulled its mortgages on Wednesday in preparation for the launch and updates which are effective from today. 

Its shared ownership two- and five-year fixed purchase mortgages at 60 per cent LTV have both seen rates reduced by 0.10 per cent to 2.04 per cent.  

Products within the 60-75 per cent and 75-80 per cent LTV tiers have been introduced to these ranges. 

The shared ownership two-year fixed remortgage at 60 per cent LTV has seen a rate cut of 0.30 per cent to 1.84 per cent, and the five-year equivalent has had a rate drop from 2.14 per cent to 1.94 per cent. 

Rate cuts of up to 0.20 per cent have been made across product transfer and buy-to-let purchase deals.

And rate reductions of up to 0.35 per cent have been made to the bank’s shared equity products with new deals introduced up to 80 per cent LTV. 

TSB head of intermediary mortgages Beverley Bradford said: “The market has changed considerably in the last few weeks and we’re now seeing it spring back, particularly as estate agents are opening and there will be more physical valuations and so more customers are in need of a variety of products that suit their needs. 

 

MBS Lending launches two-year fixes  

MBS Lending, the Melton Building Society’s credit repair subsidiary, has added four twoyear fixed rate mortgages up to 70 per cent LTV to its offering.   

Rates range from 3.49 per cent for Near Prime Enhance borrowers to 6.99 per cent for Credit Recovery borrowers. The products have fees of either £995 or £1,395. 

MBS Lending has also increased the maximum loan amount to £500,000 across its entire residential mortgage range.  

Dan Atkinson, head of sales and marketing at the Melton, said: “We are continually looking at ways to help people repair their credit to give them the opportunity to move onto a standard mortgage as quickly as possible and for customers who prefer to know exactly what their mortgage will cost every month, we now offer a choice of two and three year fixed rate products.”  

 

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