TSB today has launched a new range of mortgages that come at a lower interest rate for the first year.
This, according to TSB, will give customers some “breathing space” during the initial period after the new property purchase when they have a lot of additional costs for settling in their new home.
The innovative mortgage with lower initial monthly payments will assist homeowners and first-time buyers alike, the bank says.
Key features of the new range include:
- Lower interest rate in the first year to give homebuyers financial breathing space.
- Mortgages available over 75% and up to 95% loan-to-value in a TSB branch or over the phone.
- Mortgages available over 75% and up to 90% loan-to-value through a broker
- Available to first time buyers and those wishing to move home.
Ian Ramsden, director of mortgages at TSB, comments:
“We know the first year after moving can often be expensive as people make their house a home. Offering homebuyers some breathing space on their mortgage during the first year will give them the support to achieve this.
“Helping people get a foot onto the property ladder is a fundamental part of creating thriving local economies, and people thriving across the country is what we call, local banking for Britain.”
This is the latest mortgage innovation from TSB – which launched its Fix and Flex mortgage range in December 2014. Fix and Flex offers the reassurance of a fixed rate over ten years 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.
