TSB has launched a 10-year Fix and Flex mortgage that offers the reassurance of a fixed rate over a longer term, yet allows homeowners to remain flexible by enabling them to refinance or leave the mortgage after five years – without having to pay an early repayment charge.
According to research by TSB based on a Consumer Intelligence survey over half (55 per cent) of British homeowners with a mortgage are worried about an increase to the Bank of England’s base rate and the impact that it will have on their mortgage repayments.
Of people on a variable rate, or a fixed rate that ends next year, those concerned climbs to almost two-thirds (62 per cent).
The research also showed that 65 per cent of people would consider taking out a 10-year mortgage but of those, 72 per cent are concerned about being locked in for 10 years or having to pay an early repayment charge should they need to change their mortgage deal.
Key features of Fix and Flex
- Interest rates from 3.44 per cent to 4.74 per cent, depending on loan-to-value
- Mortgages available up to 90 per cent loan-to-value.
- No product or application fees.
- Available to first-time buyers, those wishing to move home and homeowners looking to remortgage.
- Mortgage deal is portable for those moving to a new home.
Ian Ramsden, TSB mortgages director, commented: “Our research shows that millions of homeowners up and down the country are worried about an increase in the Bank of England’s base rate and the knock on effect it will have on their mortgage repayments.
“People looking for stability at a great value will definitely benefit from Fix and Flex. All the advantages of a great rate, fixed over the long term yet the flexibility to move after five years should their circumstances change.”
Appointments with qualified TSB mortgage advisors are available in branches across Britain or alternatively people are welcome to apply by telephone, or begin their application online.
|
10yr Fixed Products |
||||||||
|
Loan-to -value |
Interest rate |
Product fee |
Cashback ** |
Early repayment charge |
Min loan |
Max Loan |
APR |
|
|
House Purchase and First time buyer |
0-60% |
3.44% |
– |
– |
5% to 30/04/2016 |
£5,000 |
£1m |
3.7% |
|
60-75% |
3.49% |
– |
– |
£5,000 |
£1m |
3.8% |
||
|
75-80% |
3.84% |
– |
– |
£5,000 |
£1m |
4.0% |
||
|
80-85% |
4.29% |
– |
– |
£5,000 |
£1m |
4.3% |
||
|
85-90% |
4.74% |
– |
– |
£5,000 |
£750k |
4.7% |
||
|
Re-mortgage |
0-60% |
3.49% |
– |
£500 |
£25,000 |
£1m |
3.7% |
|
|
60-75% |
3.59% |
– |
£500 |
£5,000 |
£1m |
3.8% |
||
|
75-80% |
3.94% |
– |
£500 |
£5,000 |
£1m |
4.1% |
||
|
80-85% |
4.39% |
– |
£500 |
£5,000 |
£1m |
4.5% |
||
** Customer needs to have a current account with TSB to qualify – available on all remortgages
