TSB has cut rates on product transfer deals by up to 125 basis points today, as well as launching a number of mortgages to its affordable housing range.

The biggest reduction for rate switchers is to a two-year fix at 90% LTV which has been cut by 1.25 percentage points from 3.14% to 1.89% with a £995 fee.

Its fee-free alternative has been cut by 1.15 percentage points from 3.44 to 2.29%

Two-year fixes at other LTVs in its product transfer range have been reduced by up to 55 basis points

Further cuts to rate switcher deals include:

• Five-year fixes from 80-120% LTV rates reduced by up to 80 bps
• Ten-year fixes with five-year early repayment charge (ERC) at up to 90% LTV reduced by up to 50 bps
• Ten-year fixes with standard 10-year ERC at up to 60% LTV reduced by 30 bps

The lender has also launched a number of new build shared ownership and shared equity first-time buyer five-year fixes, with rates starting from 1.64%.