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TSB withdraws all two-year fixes above 60 per cent LTV and culls BTL range

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  • 16/10/2020
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TSB withdraws all two-year fixes above 60 per cent LTV and culls BTL range
TSB has temporarily withdrawn all two-year fixed rate mortgages above 60 per cent loan to value (LTV) from its residential range in an effort to manage service levels.

 

The lender has also removed all three-year and ten-year buy-to-let (BTL) options, reducing its offering to just five-year fixes at a maximum of 75 per cent LTV.

For residential new business, the move leaves it with one two-year fix for purchases and a pair of two-year fixes for remortgages – all limited to 60 per cent LTV.

Five and ten-year fixed options remain available at up to 85 per cent LTV.

In buy-to-let there are four remaining five-year fixed options for purchases and remortgaging – a pair of deals at 60 per cent LTV and pair at 75 per cent LTV.

The product transfer and shared ownership ranges have not been affected.

In a message to brokers, the lender said it was withdrawing the following residential deals:

  • Two-year fixed 60-80 per cent LTV house purchase products
  • Two-year fixed 60-85 per cent LTV remortgage products
  • Ten-year fixed with ten-year early repayment charges at 0-75 per cent LTV purchase and remortgage products.

And in buy-to-let:

  • Three and 10-year fixed 0-75 per cent LTV house purchase and remortgage products.

 

A TSB spokesperson said: “This is a temporary change so we can manage our service levels and continue to provide competitive mortgage products.”

 

 

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