TSB will launch remortgage products and cut rates among selected residential, buy-to-let, product transfer and additional borrowing ranges by up to 50 basis points. 

The high street lender’s changes, which come to market tomorrow (8 September) cover: 

Residential 

• Two-year fixed-rate house purchases and remortgages at up to 75% loan-to-value, down by up to 20 bps 

BTL 

• Product end dates move out to the end of January 
• The introduction of two- and five-year fixed-rate remortgages, with no fees 
• Two- and five-year fixed-rate house purchases and remortgages, reduced by up to 50bps 

Product Transfer 

• BTL two- and five-year fixed-rates, cut by up to 50bps 

Additional Borrowing 

• BTL two- and five-year fixed-rates, down by up to 50bps 

The reductions come as lenders make several rounds of rate cuts following the Bank of England’s base rate rise by 25bps to 5.25% last month, its 14th consecutive rise taking it to the highest level for 15 years.           

The central bank is battling inflation, which fell to 6.8% in the year to July from 7.9% in June, but still remains almost three-and-a-half times higher than its 2% target.      

However, lenders say swap rates have fallen from their early July peak, allowing many of them to cut rates.