TSB has reduced interest rates by up to 0.15 per cent on for borrowers looking to remortgage their home.
TSB’s five-year fixed rate mortgages for remortgage borrowers are now at their lowest ever, starting at 1.74 per cent for up to 60 per cent LTV with a £995 fee.
Other rate reductions in its residential mortgage range include: Three-year fixed rate mortgage for remortgage borrowers at 75 per cent LTV reduced by 0.15 per cent; Five-year fixed rate mortgage for remortgage borrowers at 85 per cent LTV reduced by up to 0.15 per cent; 10-year fixed rate mortgages for remortgage customers at 60 per cent LTV reduced by 0.15 per cent.
Roland McCormack, mortgage distribution director at TSB, said: “Just last week, we reduced the rates for a number of our buy-to-let mortgages.
“Now, we are further helping people to borrow well by launching our lowest ever five-year fixed rate for remortgage borrowers, as part of our rate reductions for selected products in our remortgage range.”
However the lender did increase rates for two and three-year fixed rate mortgages for home mover borrowers at 90 to 95 per cent loan-to-value. These deals will increase by up to 0.15 per cent.
David Hollingworth, associate director of L&C Mortgages, said: “The TSB rate of 1.74 per cent is definitely competitive but not quite the lowest in the marketplace.
“HSBC is offering 1.69 per cent but TSB scores well as it offers a free valuation and free legal work for remortgages which closes the gap while HSBC offers free legal work but charges for valuations.”