TSB reveals product transfer proc fees for networks and DAs

After months of delays, TSB has launched a five-year residential product transfer range, with a two-year range expected to follow next month.

Related topics:  Mortgages
Rozi Jones
20th November 2018
tsb
"The lender turned off its mortgage transfer capability in April amid ongoing IT issues at the Bank."

TSB confirmed that its procuration fees would be 0.3% for networks and 0.27% for directly authorised advisers.

The five-year fixed rates will be available up to 120% LTV on a maximum loan size of £7.5 million for existing mortgage customers including shared equity and shared ownership.

Rates start from 2.09% for loans under £150,000 and 1.99% for loans up to £250,000 at 60% LTV, rising to 4.20% up to 120% LTV.

The residential offering adds to TSB's buy-to-let product transfer range which launched several weeks ago.

The lender turned off its mortgage transfer capability in April amid ongoing IT issues at the Bank.

In July, TSB removed early repayment charges for borrowers wishing to move to a new mortgage provider after ongoing issues with its product transfer service.

It also promised to refund the difference in interest charges between its standard variable rate and the fixed rate that borrowers could have otherwise secured.

Roland McCormack, TSB’s mortgage distribution director, said:  “We’ve strengthened our commitment to brokers with the launch of our product transfer capability service, Rate Switch.  

"Our new service not only allows brokers to offer their clients more availability and choice in the buy-to let market and residential (five-year) markets but also gives some customers the option to easily transfer from one TSB product to another, giving them competitive rates with no legal or valuation fees.  We would like to thank our brokers for their continued support in helping us launch Rate Switch.” 

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