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TSB cuts three & five-year mortgage rates

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TSB Bank has cut rates across its three and five-year mortgages for purchases and remortgages.

The bank has cut its rates by up to 0.20 per cent across its three- and five-year fixed products for purchases, with loan to value (LTV) ranging between 90 and 95 per cent.

TSB represents the latest bank to cut rates in the high-LTV space.

Elswehere, it has increased its ten-year fixed rates by up to 0.05 per cent for house purchase borrowers and remortgages, with five-year and ten-year early repayment charges and LTV ranging between 60 and 75 per cent.

Customers will also receive the option of £300 cashback and no free legal or free legals.

Nick Smith, TSB’s head of mortgages, said: “The interest rate reductions on our house purchase products offer customers with smaller deposits competitive rates and longer-term security on payments for three to five years.”