On Friday, 29 May 2015, TSB is launching a new range of "breathing space" mortgages - mortgages which, for the first year have a lower interest rate to help customers wanting to put their own stamp on their new pad.
In the first year of homeownership, there are many additional outgoings to consider from purchasing a fridge to painting a wall as people make their house into a home. TSB recognises this which is why it has introduced this innovative mortgage with lower initial monthly payments which will assist homeowners and first time buyers alike.
- 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.
Notes to editors
This mortgage is available on a range of different loan to values - details below:
- This loan is for house purchase only. Buy-to-let, shared equity and shared ownership mortgages are excluded.
- Includes £995 product fee, and £265 Mortgage Account Fee.
- Breathing Space mortgages are subject to current lending criteria and affordability assessment.
- Mortgage deal is portable for those moving to a new home.
- 3% early repayment charges apply for the three year period across all Breathing Space products.