UK-based challenger bank TSB recently announced the launch of its new five year Fix and Flex Mortgage product (0-80% LTV) to help homeowners, particularly in the wake of the COVID-19 pandemic.
TSB reported that unlike most fixed deals, the Fix and Flex mortgage offers the reassurance of a fixed rate but without being tied in for too long. 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 July 17th.
“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.”
While sharing more details about the mortgage product, Roland McCormack, TSB’s Director of Mortgages said:
“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.”
Other key features of the product include:
- Market competitive rates from 1.99%.
- No product or application fees.