TSB has launched a new range of what it dubs “breathing space” mortgages – mortgages which, for the first year have a lower interest rate to help customers wanting to put their own stamp on their new pad.

The lender notes that, in the first year of homeownership, there are many additional outgoings to consider from purchasing a fridge to painting a wall as people make their house into a home, and so has introduced a mortgage with lower initial monthly payments which will assist homeowners and first time buyers alike.

Key features:

• Lower interest rate in the first year to give homebuyers financial breathing space.
• Mortgages available over 75% and up to 95% loan-to-value in a TSB branch or over the phone.
• Mortgages available over 75% and up to 90% loan-to-value through a broker
• Available to first time buyers and those wishing to move home.

Ian Ramsden, director of mortgages at TSB, said: “We know the first year after moving can often be expensive as people make their house a home. Offering homebuyers some breathing space on their mortgage during the first year will give them the support to achieve this.

“Helping people get a foot onto the property ladder is a fundamental part of creating thriving local economies, and people thriving across the country is what we call, local banking for Britain.”