TSB Reduces Rates on Mortgage Products to Improve Presence in Buy-to-Let Market

TSB has reduced its rates by up to 0.25% on a selected number of mortgage products, in a bid to improve its presence in the buy-to-let market by offering more competitive deals.

New products include two-year fixed rate deals for property buyers and remortgage borrowers, with rates cut by between 0.2-0.25%.

Meanwhile, the three-year fixed rate for property buyers and remortgage borrowers has been cut by between 0.1-0.15%, excluding the no fee 60% loan-to-value (LTV) product.

TSB has also reduced the five-year fixed rate product for property buyers and remortgage borrowers by between 0.15-0.25%.

The two-year tracker rate for property buyers and remortgage borrowers has also been cut by between 0.2-0.25%.

The Mortgage Distribution Director at TSB, Roland McCormack, comments: “TSB helped over 14,000 people with their mortgages in the first three months of 2017 and provided £2.2 billion of new mortgage loans.

“We are committed to helping people borrow well, and these rate cuts across the LTV ranges are an example of us doing exactly that.”

Paragon Mortgages has recently updated its buy-to-let range to focus on the longer term plans of landlords. Meanwhile, specialist lender Investec Private Banking is targeting high net worth property investors with a new range of buy-to-let products.

The latest study by the Bank of England shows that mortgage rates dropped yet again in March, taking the average to a new record low.