These changes apply to key areas of the lender’s portfolio, including its core Real Life (RL) range, as well as large loan and shared ownership offerings.
Within the core range, rates now begin at 5.39% for the 2-year 75% loan-to-value RL0 product, reflecting a reduction of 0.15%. The 2-year 85% LTV RL1 product has seen a more significant drop of 0.25%, bringing the rate down to 5.89%. Meanwhile, the 5-year 70% LTV RL2 product has been reduced by 20 basis points, with a new rate of 5.59%.
Changes extend to TML’s large loan products as well. The 2-year large loan range has seen a 15 basis point reduction, with rates now starting from 5.54% for 75% LTVs. The 5-year large loan range has been cut by 0.10%, beginning at 5.29% for the same LTV threshold.
The shared ownership product line has also been adjusted, with a 15 basis point reduction across the board. The 5-year 75% LTV (95% loan to share) core product now starts from 6.29%.
Steve Griffiths, commercial director for retail mortgages at Shawbrook, commented:
“Our mission at TML is to support our brokers’ clients to achieve their property goals, and so we’re delighted to be able to announce a wide range of rate reductions. Whether the buyer fits into our core ranges, Large Loan or Shared Ownership product, there are great deals available.
“At TML, we understand that the path to home-ownership isn’t always smooth, and that’s why we aim to lend for real life, ensuring that there are products available that support a variety of circumstances. We are committed to continuing to review our product ranges and ensuring we are offering competitive deals to our brokers and their clients.”
