TSB is expanding its Affordable Housing offering available through brokers.
Broadening its Help to Buy and Shared Equity offers across England, Scotland and Wales, the bank will also launch its support of the new Help to Buy London scheme.
TSB has announced the geographic expansion of its Affordable Housing products. In addition, the lender will be cutting rates on a range of its mortgages.
The bank has launched its participation in Help to Buy London, giving more homebuyers who are struggling to get their foot on the property ladder in the capital a chance to own a home. The Help to Buy London scheme gives buyers access to an increased government equity loan of up to 40% of the purchase price.
Whilst TSB currently offers Help to Buy and Shared Equity in England through brokers, it is now expanding its offering to Scotland and Wales.
Products which will be added to TSB’s Affordable Housing offering are as follows:
Homemaker two-year fixed – Rates at an LTV between 0-75% will be from 2.19%, while customers with an LTV from 75% could see rates from 2.39%.
Homemaker five-year fixed – Rates at an LTV between 0-75% will be from 2.94%, while customers with an LTV from 75% could see rates from 3.09%.
Remortgage two-year fixed – Homeowners planning on remortgaging could see rates of 1.99% if they have a LTV between 0-60% and 2.19% for people with a LTV from 60%.
TSB is also cutting rates on its Shared Equity and Shared Ownership Remortgage products. Customers who are already on an affordable housing scheme and are now planning on remortgaging will benefit from the rate reduction.
Beverley Bradford, TSB’s head of intermediary performance, said: “It is great that TSB is now able to expand its Affordable Housing range to Scotland and Wales after the success of the schemes in England.
“TSB was born to help local communities thrive, this now offers an alternative option for home seekers across Britain who are finding it difficult to achieve their dream of owning their own home.”
TSB is reducing rates across its two, three and five year Homemover fixed rate mortgages and its two year Homemover tracker. Customers planning on remortgaging could also gain from the rate drop as TSB is reducing rates on its three and five year fixed remortgages.
The biggest rate cut will be for both the five year fixed and remortgages with an 80-85% LTV where homemovers and first time buyers will benefit from a 0.20 percentage point reduction.