TSB has announced a number of changes to its product transfer and additional borrowing ranges, with various rate reductions being applied today.
Product transfer highlights include cuts of up to 0.45% on the bank’s two and five-year fixed buy-to-let (BTL) rates, available up to 75% loan-to-value.
Two and five-year fixed residential rates up to 90% LTV are reduced by 0.50% and 10-year residential fixed rates have been cut by up to 0.65%.
For additional borrowing, the two and five-year fixed BTL rates are down by up to 0.45%, while the two, five and 10-year fixed residential rates have been reduced by up to 0.65%.
Earlier this week we reported how product transfers are growing in popularity with 87% of remortgagers choosing to stay with existing lenders rather than move elsewhere.
Brokers confirmed the trend, revealed by UK Finance, saying transfers are less hassle, don’t require an affordability check and that lenders are pricing product transfers more in line with new business ranges.
