TSB has announced changes to residential, buy to let, transfer and borrowing ranges, whilst The Mortgage Works has reduced rates by up to 0.55% on selected buy-to-let ranges.
Staring with TSB, the changes include:
Residential
- Three-year fixed first-time buyer and home mover 90-95% LTV rates lowered by 0.10% to 5.49%.
- Five-year fixed first-time buyer and home mover 80-85% LTV rates increased by up 0.15% to 4.49% (with no product fee).
Buy-to-let
- Five-year fixed house purchase and remortgage deals with rates cut by up to 0.15%. For example, a two-year fixed at 4.69% with a 60-7O% LTV with a £995 product fee.
Product transfer
- Buy to let two and five-year fixes, rates have been reduced by up to 0.15%. For example, at two-year buy to let 75-80%LTV at 5.74% with a £995 product fee.
The Mortgage Works changes will cover the following:
New customers
- Two-year fixed rate at 3.59% (remortgage), with a 3% fee, available up to 65% LTV which has been cut by 0.25%.
- Two-year fixed rate at 3.84% (remortgage), with a £3,995 fee, available up to 65% LTV has also been reduced by 0.25%.
- Five-year fixed rate at 3.79% (remortgage), with a 3% fee, available up to 75% LTV has been lowered by 0.10%.
Existing customers
- Two-year fixed rate 3.84%, with a £3,995 fee, available up to 65% LTV, which has been reduced by 0.55%.
- Two-year fixed rate at 3.59%, with a 3% fee, available up to 65% has been cut by 0.20%.
- Five-year fixed rate at 3.74%, with a 3% fee, available up to 65% LTV has been lowered by 0.10%.
The new rates will be available from October 3.
The Mortgage Works senior manager Joe Avarne says: “We are making further rate cuts to ensure that The Mortgage Works continues to be front of mind for new and existing customers when they are coming to the end of their current deal.”