by ITM Ventures 
Effective from Friday, September 8th, TSB is set to deliver substantial reductions across its mortgage offerings, spanning residential, buy-to-let, product transfers, and additional borrowing categories, with rates dropping by as much as 0.50%.
Within the residential range, TSB is taking the lead by trimming rates on its 2-year fixed house purchase and remortgage products at 75% Loan-to-Value (LTV) by up to 0.20%. This move underscores their commitment to providing competitive options for homebuyers and those seeking to refinance their properties.
For the buy-to-let segment, TSB introduces attractive changes. Their 2- and 5-year fixed remortgage products with £0 fees are now available at rates starting from 5.79%. Furthermore, TSB will be implementing rate reductions of up to 0.50% on their 2- and 5-year fixed house purchase and remortgage products in the buy-to-let category. Additionally, selected product transfer deals will see rate cuts of 0.50%.
These developments have garnered reactions from experts in the field:
Jamie Lennox, director at Dimora Mortgages, welcomes the move, highlighting its potential to bolster confidence in banks and building societies amid comments from the Bank of England’s Governor, Andrew Bailey, suggesting an impending stabilization in base rates.
Lee Gathercole, co-founder at Rebus Financial Services, expresses optimism and underscores the importance of monitoring these changes in light of expected rate adjustments.
Lewis Shaw, owner and mortgage expert at Shaw Financial Services, sees these reductions as a positive step, signaling a possible turnaround in rates. However, he remains cautious, emphasizing the impact of upcoming decisions by the Bank of England.
Justin Moy, managing director at EHF Mortgages, views TSB’s actions as a sign of recovery in the mortgage market, potentially benefiting borrowers. He hopes that forthcoming inflation data won’t hinder this progress.
Craig Fish, director at Lodestone Mortgages & Protection, acknowledges the significance of these rate cuts, but suggests that more substantial reductions may be necessary to stimulate the market further.
Gary Bush, financial adviser at MortgageShop.com, anticipates a rate war among lenders, noting increased mortgage enquiries in September.
Graham Cox, founder at Self Employed Mortgage Hub, emphasizes the positive impact of these cuts for borrowers and attributes them to competitive pressures among lenders and falling wholesale funding costs.
Ranald Mitchell, director at Charwin Private Clients, applauds TSB’s commitment to competitive rates and acknowledges the ongoing trend of rate reductions among high street lenders, while keeping an eye on potential base rate changes by the MPC on September 21st.
