TSB has launched a three-year option to its Fix and Flex range, adding to the existing five and 10-year Fix and Flex products.
The Fix and Flex mortgage offers a fixed rate but with the freedom to leave before the period ends. With a three-year Fix and Flex mortgage, customers can refinance or leave the mortgage after two years without having to pay an early repayment charge (ERC).
The three-year Fix and Flex product will be available for first-time buyers, home-movers and remortgage customers from today and will be available for buy-to-let customers from end of March.
Rates start from 1.34%, are available up to 90% loan to value (LTV) and has a product fee of either £0 and £995.
There are no application fees and no ERC if customers leave/refinance after two years.
Roland McCormack, TSB’s director of mortgages, said: “In the current environment, we know customers want to feel more confident about the mortgage they choose without the worry of being tied in for too long, our new three-year Fix and Flex product is designed to do exactly that.”
TSB has also revised its lending criteria for customers who are self-employed. The bank will provide self-employed customers up to 90% LTV and will accept up to 60% of overtime and commission payments as income.