TSB will cut residential and landlord fixed-rate loans by up to 50 basis points and raise others — while Accord Mortgages will launch, pull and lift residential new business offers by as much as 28bps on Friday (9 February).
Changes at TSB include:
Residential
It will raise rates on:
- Two- and five-year first-time buyer and house purchase fixes between 85% loan to value to 90% LTV, with a £995 fee, lift by 10bps
- Two-year remortgage fixes up to 75% LTV, lift by 20bps
It will reduce rates on:
Buy to let
- Two- and five-year house purchase fixes, down by up to 50bps
- Five-year remortgage fixes, down up to 50bps
Product Transfer
It will increase rates on:
- Residential two-year fixes up to 75% LTV, lift by 20bps
It will reduce rates on:
- BTL five-year fixes, down by up to 50bps
Additional Borrowing
It will increase rates on:
- Residential two-year fixes up to 75% LTV, lift by 20bps
It will reduce rates on:
- BTL five-year fixes, down by up to 50bps
The lender tells brokers to submit existing applications for these products by midnight 8 February, in a note, “as they won’t be available after this time”.
Meanwhile, Accord Mortgages will pull its residential new business range at 10pm 8 February and make a new suite of products available the following morning.
The specialist lender’s changes include:
New products
- Introduces additional boost loan-to-income options, with £1,995 fee
- Introduces additional remortgage options, with £500 cashback, including offset, boost LTI and cascade score options
Pulled products
- Withdraws 80% LTV and 85% LTV large Loan products, with a £995 fee.
- Withdraws selected products at 80% LTV
- Withdraws three-year 90% LTV and 95% LTV new build products
Product changes
- 75% LTV, 85% LTV and 90% LTV Boost LTI products rise by up to 10bps, fees cut to £99
- 85% LTV Boost LTI large loan products will be cut by up to 28bps, fees lifted to £1,995
The lender tells brokers, in a note, that full mortgage applications “must be submitted by the time of withdrawal to secure a new lending product”.
It adds: “If you are yet to submit a decision-in-principle, please do so as soon as possible as any referrals will only be looked at during normal office hours.”
