TSB Intermediary has opened up its distribution to nine major distributors and 73 directly authorised firms.
The new intermediary arm of TSB Bank has finished piloting its intermediary offering with London & Country and now offers its products through Sesame, Intrinsic, LSL, Legal & General, Connells, PTFS, Mortgage Advice Bureau, Mortgage Intelligence and Tenet.
TSB plans to be whole-of-market later this year, once it has established its service proposition.
It is paying 0.4 per cent to appointed representatives and 0.33 per cent to DA firms for completed residential applications. It also plans to enter the buy-to-let market later in the year. The lender adds it will not dual price.
Products in the TSB range include a fee-free10-year fix up to 85 per cent LTV at 4.29 per cent, with early repayment charges applied only for the first five years. A 60 per cent LTV version is offered at 3.44 per cent.
A 60 per cent LTV two-year fixed rate is offered at 1.49 per cent with £1,995 fee. A 90 per cent LTV version is priced at 3.39 per cent, with a reduced £995 fee.
TSB intermediary director Roland McCormack says: “TSB was born to bring competition to the market and we will be a substantial intermediary player. We’re dedicated to providing a great service to brokers and competitive mortgages for their customers.
“Service is our number one priority and we aren’t prepared to sacrifice for volume, which is why we’re looking to grow organically.”
The TSB brand was created in September 2013 when Lloyds Banking Group sold off 631 branches to comply with European Commission requirements as part of receiving state aid in 2008.