TSB pulls two-year residential fixes at high LTVs

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TSB has temporarily withdrawn its two-year fixed rate mortgages for residential house purchase borrowers between 85 and 95 per cent LTV.

A TSB spokeswoman says the lender is making the move to help it move technology platforms.

She says: “As we prepare to migrate to our new, state-of-the-art banking platform later this year, continuing to deliver excellent service to brokers and customers is really important to us.

“In order to do this, we intend to grow our mortgage lending less quickly over the coming months by trimming back some of the products we offer.  However, we expect to reverse this slowdown as we reach the end of 2017 and move into 2018.”

The lender has also cut interest rates by up to 0.10 per cent on selected mortgages for residential remortgagors.

The changes include cuts of 0.05 to 0.10 per cent on five-year fixed rate mortgages for residential remortgage borrowers up to 80 per cent LTV.

TSB mortgage distribution director Roland McCormack says: “The interest rate reductions on our five-year fixed rate remortgage product are great news for those looking to fix their monthly payments for a longer period of time.

“TSB is committed to helping people to borrow well and these rate reductions are an example of us doing exactly that.”