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TSB adds 90 per cent deal and Virgin cuts rates – round-up

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  • 26/11/2020
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TSB adds 90 per cent deal and Virgin cuts rates – round-up
TSB has launched a five-year fixed mortgage at 85-90 per cent loan to value (LTV) for first-time buyers.

 

The product has a rate of 3.79 per centoffers £500 cashback and will be available from tomorrow. 

This is the first mortgage up to 90 per cent LTV the bank has offered to new borrowers since September when it launched a one-day tranche to first-time buyers.

Nick Smith, head of mortgages at TSB said: “We know that raising a deposit is often the biggest challenge our customers face when buying their first property.  

“With the continued challenging environment, we have introduced a mortgage that will provide more help for our customers to buy their first home.” 

 

Virgin Money makes rate cuts 

Virgin Money has made a series of rate reductions across its mortgages up to 90 per cent loan to value (LTV), with cuts ranging between two and 25 basis points (bps). 

For shared ownership borrowers with a 10 per cent mortgage, the two-year fixed with a £995 fee has gone down by 25 bps to 3.39 per cent. 

A five-year fixed residential mortgage at 65 per cent LTV with a £995 fee has been reduced by 0.16 per cent to 1.45 per cent, while the three-year fixed equivalent now has a rate of 3.09 per cent, a reduction of 15 bps. 

Additionally, two Help to Buy mortgages at both 55 per cent and 75 per cent LTV have been reduced by 0.02 per cent to 2.17 per cent. Both products have a fee of £995 and are fixed for five years. 

Buy-to-let mortgages have also seen cuts of up to 0.23 per cent. Rates for core and portfolio borrowers now vary between 1.87 per cent at 60 per cent LTV and 2.08 per cent at 75 per cent LTV. 

The changes are effective from 27 November. 

 

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