TSB has lowereed rates on some of its mortgages.

The high street bank is battling to attract new customers by offering cheaper deals to those buying their first home or moving up the ladder.

The bank has cut rates on its three-year fixed rate mortgages for first-time buyers and home movers who need a loan worth 90% to 95% of their property’s value. Borrowers choosing this deal will now pay 5.49% interest, a reduction of 0.10%.

However, anyone looking for a five-year fix with a loan-to-value of 80% to 85% will now pay more. These rates have increased by 0.15% to 4.49%. The good news is there’s no product fee on this deal.

Cheaper deals for landlords

Landlords are also being offered cheaper deals. Those looking for a buy-to-let mortgage will see rates reduced by as much as 0.15% on two and five-year fixes.

For example, a two-year fixed rate mortgage is now available at 4.69% with a 60-70% loan-to-value. This mortgage comes with a £995 product fee.

Existing buy-to-let landlords can also save money by switching to a new deal with TSB.

The bank has reduced rates on its two and five-year fixed rate product transfer deals by up to 0.15%. A two-year buy-to-let mortgage with a 75-80% loan-to-value is now available at 5.74% with a £995 product fee.