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TSB cuts rates; Teachers BS brings out one-year discount variable deal – round-up

  • 01/02/2023
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TSB cuts rates; Teachers BS brings out one-year discount variable deal – round-up
TSB has lowered mortgage pricing across its residential, buy-to-let and product transfer ranges.

This includes its five-year fixed remortgages up to 75 per cent loan to value (LTV) with a £995 fee which have been cut up to 0.15 per cent. 

Rates now start at 4.29 per cent at 0-60 per cent LTV, up to 4.34 per cent for a deal at 60-75 per cent LTV. 

Five-year fixes for buy-to-let borrowers either making a purchase and remortgaging have reduced by up to 0.1 per cent. 

The applies to products with a £995 fee between 60 and 75 per cent LTV, and rates are now 5.14 per cent apiece. 

TSB’s residential five-year fixed product transfer rates up to 75 per cent LTV with a £995 fee have been lowered by up to 0.15 per cent. 

These are now priced at 4.59 per cent at 0-60 per cent LTV, and 4.64 per cent at 60-75 per cent LTV. 


Teachers BS launches one-year discount variable rate 

Teachers Building Society has launched a one-year discount variable rate mortgage, as an alternative to mitigating rate shocks. 

The product has no fee and is open to both teachers and non-teaching staff. 

It is available up to 80 per cent LTV and priced at 3.99 per cent for teachers or 4.19 per cent non-teachers. An early repayment charge of three per cent applies. 

The mutual said the product gave another option to borrowers who did not want to remortgage onto longer term deals or be stuck on a standard variable rate (SVR). 

Teachers Building Society will allow current members or borrowers from elsewhere to refinance with them. The product is only available to existing homeowners. 

David Leek, commercial director at Teachers Building Society, said: “Many homeowners looking for a new mortgage are currently facing a choice between accepting a longer term deal that’s more expensive than their previous one or waiting on a lender’s SVR. 

“Our new shorter term variable rate mortgage draws on our roots of doing things differently and has been designed to offer an alternative option. 

“Supporting teachers to get on the housing ladder has been our core purpose since forming in the 1960s. Part of that support means helping them in more challenging financial circumstances, like the economic situation we’re now facing.” 

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