TSB offering 2.29% ten-year fixed rate mortgage

by Aaron Strutt

Mar 06 2019

TSB for Intermediaries is offering one of the most competitively priced 10-year fixed rate mortgages.

The bank's 2.29% mortgage is fixed until 31 May 2029. At the end of this period, it reverts to the lender's variable rate currently of 4.24%. The overall cost for comparison is 3% APRC representative.

The mortgage has a £995 arrangement fee, and applicants will need a 40% deposit to qualify. It is available for property purchases and remortgages.

Early repayment charges apply for the full term although they are on a sliding scale. overpayments. TSB provides a free property valuation with most applications.

Aaron Strutt, product director at Trinity Financial, says: "If you are looking for longer-term payment security and you want to stay in your property for the foreseeable future, TSB’s fixed rate is an attractive option. 

“More of our clients are taking five-year fixes because the rates are so competitively priced and they are not that much more expensive than the two-year deals. Some of the lenders offer 10-year fixes with five-year early repayment charges.” 

TSB’s mortgage has a maximum loan size of £1 million and borrowers can overpay up to 10% of the outstanding balance each year without charge. 

Representative example: A capital and interest mortgage of £250,000 payable over 25 years, initially on a 2.29% fixed rate until 31/05/2029 and then on a variable rate of 4.24% for the remaining 15 years, would require 120 monthly repayments of £1,095.29 followed by 180 monthly repayments of £1,253.37. The total amount repayable would be £358,036.40 made up of the loan amount, plus interest (£107,041.40) and £995 (product fee), £0 (final repayment charge), £35 (completion fee). The overall cost for comparison is 3% APRC representative.

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.

Call Trinity Financial on 020 7016 0790 to secure a longer-term fixed rate