TSB launches an industry first – a five-year Fix and Flex Mortgage (0-80% LTV) to help homeowners, particularly in the wake of Covid-19.
Unlike most fixed deals, the Fix and Flex mortgage offers the reassurance of a fixed rate but without being tied in for too long. Customers have the flexibility to refinance or leave the mortgage after three years, without having to pay an early repayment charge.
TSB’s Fix and Flex will be available for residential remortgage customers from today and will be available for both first time buyers and home movers from 17 July.
This new product comes at a time when almost 40% of Brits are worried about their finances since Covid-19 began earlier this year, according to new research from TSB. ;
The research also showed that 33% of Brits are now saving more for post lockdown life, demonstrating their need to manage their money carefully.
Roland McCormack, TSB’s Director of Mortgages said: “We understand that now, more than ever, people’s circumstances can change. Fix and Flex offers our customers the comfort of a fixed monthly payment with the ability to leave their mortgage deal after three years, without having to worry about an early repayment charge. We want our customers to feel money confident and more in charge of their finances when they bank with us and this new product is designed to help them do exactly that.”
The key features of Five-Year Fix and Flex are as follows:
- Market competitive rates from 1.99%.
- No product or application fees.
- Available to homeowners looking to remortgage from today, and to first time buyers, those wishing to move home, from 17 July.
