TSB is launching an unique 10-year fixed mortgage for borrowers with the lowest deposit of 5 per cent.
The rate on the product, which is in TSB’s Fix and Flex range, is 5.69 per cent. The Fix and Flex allows customers to leave the mortgage after five years of the fixed term without paying an early repayment charge.
TSB has also launched a two-year fix at 4.69 per cent and a five-year fix at 4.99 per cent, both at 95 per cent loan-to-value.
All products are available to first-time buyers as well as home movers with no product fees to pay.
The lender said its new 95 per cent LTV fixed mortgage range will initially be available to borrowers who apply directly at a branch or via the telephone. Later this year, the range will be offered also through TSB Intermediary.
“We are the only mortgage lender to currently offer mortgages up to 95% with a ten year fixed rate. Helping people to get a foot onto the property ladder is a fundamental part of creating thriving local economies, and people thriving all over Britain is what TSB’s local banking for Britain is all about,” Ian Ramsden, head of mortgages at TSB, commented.
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