The changes to TSB’s residential first-time buyer and homemover rates have come into effect.
Two-year fixed first-time buyer and homemover rates between 85% and 95% loan to value (LTV) have been cut by up to 0.1%. Pricing starts from 5.24% with a £995 fee and 5.39% with no fee.
Five-year fixed first-time buyer and homemover rates from 85% to 95% LTV have been reduced by around 0.2%. Rates begin from 5.04% with a £995 fee and 5.21% without a fee.
TSB has also withdrawn its two-year fixed rate remortgage products at 75% LTV with a £1,495 fee.
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Yorkshire BS cuts Deposit Mortgage rates to support first-time buyers
Yorkshire Building Society has reduced the interest rate for its £5k Deposit Mortgage for the second time in a month.
The £5k Deposit Mortgage was launched earlier this year and helps first-time buyers purchase a property valued up to £500,000 with a £5,000 deposit.
First-time buyers can benefit from a rate of 5.79%, down from 6.24%, which is fixed for five years. It is fee-free and comes with a free standard valuation.
The reduction comes after research from the mutual showed that 58% of non-homeowners aged 35-54 and 21% of those aged 18-34 had given up on the idea of buying their own home.
Ben Merritt, director of mortgages at Yorkshire Building Society, said: “We’re absolutely thrilled to reduce rates again on our £5k Deposit Mortgage, offering its lowest rate yet and passing on the benefit of more positive market conditions to those who perhaps need it the most.
“Our research suggests products of this kind are vital to renew the faith of would-be first-time buyers by showing them that homeownership need not be out of reach.
“As a mutual building society established to help people to find a place to call home, we’re committed to doing everything we can to support them, both now and in the future.”
