TSB has announced a series of rate reductions to products within its residential range.

Notable cuts include the 85 per cent LTV 10-year fix reduced from 2.84 per cent to 2.64 per cent. This offering includes five years of ERCs, free legals and is for remortgages only.

The lender has also cut the 85 per cent LTV five-year fix from 1.94 per cent to 1.84 per cent. This deal is for purchase only and includes a £995 fee.

Furthermore, TSB has reduced rates on the 60 per cent LTV 10-year fix from 2.34 per cent to 2.29 per cent, and on the 75 per cent LTV 10-year fix from 2.29 per cent to 2.24 per cent.

Both the above two products are for purchase only, have no fees and include ERCs.

TSB head of mortgages Nick Smith says: “The house purchase and re-mortgage markets remain very strong.

“There are many homeowners in the UK whose fixed rate deals are about to come to an end, so I am sure that these rate reductions will be a welcome addition to our product range.”