TSB has significantly increased rates on its high loan to value (LTV) residential mortgages including on the first-time buyer range it launched last week.
The lender has increased rates on products by up to 80 basis points.
For the recently introduced first-time buyer and homemover ranges, the five-year fixed with three-years early repayment charges (ERC) at up to 80 per cent LTV has increased by 70 basis points to 3.44 per cent.
All the five-year fixed deals with five-year ERCs have been increased by up to 0.80 per cent – the highest 85 per cent LTV version is now at 3.24 per cent.
And the ten-year fixed with five-years ERCs at up to 85 per cent LTV has risen by 0.40 per cent to 3.64 per cent.
The remortgage range has seen similar levels of rate increases.
Rates on the five-year fixes with three-year ERCs from 60 per cent to 85 per cent LTV rates have been increased by up to 65 basis points.
All the five-year fixes with five-years ERCs have risen by up to 60 basis points.
And the ten-year fix at up to 85 per cent LTV has increased by 70 basis points to 3.54 per cent.
A TSB spokeswoman said: “These changes are part of our regular review of our products to ensure we’re able to manage our service levels and support the demand from our customers.”
Owain Thomas is features and contributing editor of Mortgage Solutions and editor of Specialist Lending Solutions.
He also has experience in the protection, pensions, workplace benefits and HR areas.
Owain has won two Headline Money Awards and the Protection Review’s Journalist of the Year award.