TSB has reduced interest rates by up to 0.1 percentage points on its five-year fixed rate mortgages for mortgages for residential and remortgage borrowers.

Changes include a cut of 0.05 percentage points for five-year fixed house purchase (75–85% LTV) and a reduction of 0.1 percentage points for five-year fixed remortgage (0–60% LTV).

The bank has also increased the rate on its two-year fixed house purchase mortgage (85 – 90% LTV) with £995 fee by 0.2 percentage points.

Nick Smith, TSB’s head of mortgages, said: “We are seeing more and more of our borrowers fixing for a longer period, so these rate reductions will be very welcome for many of our borrowers.”