Latest reprice seen as another sign of mortgage market recovery
Another high street lender, TSB, has announced new rate reductions of up to 50 basis points on its mortgage products.
The new rates, accessible from tomorrow, September 8, will be available on selected two- and five-year fixes across residential, buy-to-let, product transfers, and additional borrowing.
“TSB’s latest reprice is another sign of recovery in the mortgage market, as lenders look to grab some market share and seek to achieve their lending targets,” commented Justin Moy, managing director at EHF Mortgages. “More encouragement for borrowers, slowly but surely.”
Lee Gathercole, co-founder at Rebus Financial Services, said it was great to see another high street bank reviewing its mortgage rates and making considerable drops.
“It will be interesting to see how they fare for the remainder of the month with another marginal rate rise expected in a few weeks,” he continued. “But this is very welcome news for mortgage holders and first-time buyers.”
Craig Fish, director at Lodestone Mortgages and Protection, also remarked that the latest rate cuts from TSB were “much more newsworthy than some that we have witnessed of late.”
“This will be welcomed by brokers and borrowers alike,” he said. “These reductions will now bring TSB into line with some of the other lenders, who are all vying for business levels in their preferred market space.
“Let’s face it, though, the reductions are going to need to be bigger than this to pump some life back into the market.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.
