Homeowners and landlords are feeling the pinch as TSB increases mortgage rates across the board!

Bad news for anyone looking to borrow money or with an existing TSB mortgage – interest rates are going up. The bank has increased rates on a range of its mortgages, meaning higher monthly payments for many.

Here’s the breakdown of the changes:

For those looking to borrow more:

• Additional borrowing rates on two and three-year fixed-rate deals have increased by up to 0.35% for homeowners.
• If you’re borrowing up to 75% of your property’s value, expect a jump of up to 0.25% on five-year fixed-rate deals.
• Landlords will also be hit with an increase of up to 0.25% on two and five-year fixed-rate buy-to-let mortgages.

Thinking of remortgaging?

• Two-year fixed-rate remortgages are more expensive, particularly for those borrowing 85% to 90% of their property value, where rates have jumped by 0.15%.
• Five-year fixed-rate remortgages have also increased by up to 0.10%, regardless of whether you’re after a fee-free deal or opting for a fee.
• Three-year fixed-rate deals for first-time buyers, home movers, and those remortgaging have been completely withdrawn.

Existing TSB customers aren’t safe:

• Product transfers to a new deal will now be more expensive. For example, two-year fixed rate deals have gone up by up to 0.35%, while five-year fixes are up to 0.25% more expensive.

What does this mean for you?

These rate increases mean higher monthly payments for many borrowers. If you’re considering a new mortgage or are coming to the end of your current deal, it’s essential to shop around for the best rates. Don’t just settle for the first offer you get – compare deals from different lenders to ensure you secure the most competitive rate for your circumstances.