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TSB adjusts BTL product rates

TSB has launched free valuations for all buy-to-let customers with amendments to selected fixed rate products.

Within the purchase suite of products, the two-year 60 per cent LTV product with a £1,995 fee has had its rate increased by 0.10 per cent, from 1.39 per cent to 1.49 per cent.

However, the three-year 60 per cent LTV offering without a fee has seen a 0.15 per cent increase, from 2.19 per cent to 2.34 per cent. Similarly, the 60 per cent LTV with a £995 fee has also seen an increase – from 1.99 per cent to 2.14 per cent.

Alternatively, among five-year fixed rate products, rate cuts include the 60 per cent LTV product with no fee receiving a cut of 0.15 per cent, from 2.59 per cent to 2.44 per cent.

The remortgage products have seen more diverse changes, with both increases and decreases across the same repayment plans.

The two-year 75 per cent LTV remortgage proposition with no fee has seen a 0.20 per cent reduction, having been reduced from 2.59 per cent to 2.39 per cent. In contrast, the 60 per cent LTV with a £995 fee has seen an increased rate of 0.10 per cent, from 1.74 per cent to 1.84 per cent.

There have been various increases of up to 0.10 per cent among the three-year fixed rate LTV remortgage products. The 60 per cent LTV with no fee has increased from 2.19 per cent to 2.29 per cent.

However, the 75 per cent LTV product with a £1,995 fee has undergone a 0.05 per cent decrease, changing from 2.29 per cent to 2.24 per cent.

Lastly, the five-year remortgage product has seen a reduction in all rates, ranging from 0.05 per cent to 0.15 per cent. The 75 per cent LTV with a fee of £1,995 has seen its rate change from 2.64 per cent to 2.49 per cent.

TSB head of mortgages Nick Smith says: “At a time when landlords are increasingly being squeezed financially, the reduction of some of our rates plus the offer of a free valuation on all our BTL product range will be very welcome news for many.”

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