TSB launches range of new buyers with lower stress rate

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TSB has launched a range of mortgage loans for first-time buyers with offers of up to 85% loan-to-value (LTV).

The range has a tracking rate of 2.49 percent above the Bank of England base rate, lower than the home lender’s current variable rate of 3.59 percent.

Due to the lower follow-up rate, first-time acquirer requests will be subject to a lower rate of 5.6% instead of 6.6%.

“This will help more first-time buyers buy the home they want, while ensuring that it remains affordable for them for the duration of their mortgage,” the TSB said.

The range includes a single two-year 60% LTV fix with a 1.39% rate and £ 999 fees.

It includes a single two-year patch at an LTV rate of up to 60% with a rate of 1.39% and a fee of £ 999.

However, a full range of five and ten year fixes are available up to 85% LTV.

This includes five-year free products with lowered rates that gradually decrease over the term.

A standard five-year fix with a fee of £ 995 has a rate of 2.99%.

The no-charge version starts the first year at 3.29%, before dropping to 3.19%, 3.09%, and then 2.94 for years four and five.

TSB has also updated its home buying lineup alongside the move.

The only two year patch available at an LTV rate of up to 60% is 1.39% with a fee of £ 995, while five year and ten year patches are available up to 85% of LTV.

TSB Mortgage Manager Nick Smith said, “We know buying your first home can be tough and we want to do more to help new buyers move up the home ownership ladder.

“That’s why we’re launching this new line of mortgage products that give clients the financial confidence to search for their first home.”



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