TSB Bank has cut rates by up to 0.20 percentage points across its three-year and five-year fixed rate mortgages for home purchase borrowers.

It has also announced an increase of 0.05 percentage points on 10-year fixed (60-75% LTV) for house purchase borrowers, with five-year and 10-year early repayment charges.

An increase of 0.05 percentage points has also been made on 10-year fixed (60-75% LTV) on its remortgage range, with five-year and 10-year early repayment charges. Customers will also receive the option of £300 cashback and no free legal or free legals (no cashback).

Nick Smith, TSB’s head of mortgages, said: “The interest rate reductions on our house purchase products offer customers with smaller deposits competitive rates and longer-term security on payments for three to five years.”