TSB introduces new three-year option to Fix and Flex mortgage range

TSB has today launched a three-year option to its Fix and Flex range to help homeowners, particularly in the wake of Covid-19. The latest launch follows the success of TSB’s existing ten-year and five-year Fix and Flex products.

Unlike most fixed deals, the Fix and Flex mortgage offers the reassurance of 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).

TSB’s 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.

The key features of Three-Year Fix and Flex are as follows:

• Market competitive rates from 1.34%, up to 90% Loan to Value (LTV) and product fee options of either £0 and £995.
• No application fees.
• No ERC if customers leave/refinance after two years.
• Available to first-time buyers, home-movers and customers looking to remortgage from today, and for Buy-to-let customers from end of March.

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.”

*In addition, TSB has also revised its lending criteria for customers who are self-employed. From today, TSB will provide self-employed customers up to 90% LTV and will accept up to 60% of overtime and commission payments as income.