TSB has raised rates across selected residential loans by up to 25 basis points, while Precise has cut its landlord rates by 50bps and brought back products.
The high street bank has lifted prices across its residential, product transfer and additional borrowing ranges, including:
First-time buyer and home mover:
- Two-year fixes between 75% loan to value and 95% LTV, rise by up to 25bps
Remortgage:
- Five-year fixes between 75% LTV and 95% LTV, rise by up to 25bps
Product transfer:
- Two-year fixes between 75% LTV and 85% LT LTV, rise by up to 20bps
Meanwhile, Precise has cut its current Tier 1 80% LTV buy-to-let rates by 50bps.
The specialist lender, which is part of the OSB Group, has also reintroduced its Tier 2 and Tier 3 landlord products, starting from 5.19%, designed for BTL borrowers who have previously experienced “challenges” with credit .
OSB Group intermediary director Adrian Moloney says: “These BTL changes reflect the challenges that [banking trade body] UK Finance highlighted in their fourth quarter results which showed that a percentage of landlords as well as homeowners were struggling with their finances.
“As well as reducing rates, we’ve widened our acceptable adverse criteria on BTL properties with Tier 2 and Tier 3 products which firmly establish Precise’s position as a specialist adverse lender.”
