Back in the day, my parents did everything with the Trustee Savings Bank (TSB), their mortgage, car loans, insurance – I remember my first TSB young savers pass book which came with a (now a collector’s item) Globe TSB Money Box. There was no internet or broker for “shopping around,” they didn’t need to, they had trust!

In 1995, TSB merged with Lloyds and they became Lloyds TSB. In 2009 Lloyds acquired HBOS, (Halifax & Bank of Scotland) and together they became “The Lloyds Banking Group,” dropping the TSB name altogether. Somewhere down the line we had the credit crunch and we all developed a loathing of banks, whom we no longer trusted.

Fast forward a few years and (although retaining a large stake), at the end of 2014, Lloyds put TSB up for sale on the Stock Exchange, as a stand alone bank. Not a bad move, the brand emerges relatively unscathed from the financial crisis.

As an Independent Mortgage Broker, I am a massive fan of new lenders joining the UK mortgage market, it keeps the other banks awake and forces competition. More competition = better deals for you and me!

TSB haven’t disappointed. They smashed into the mortgage market with an incredible 1.49% 2 year fixed rate mortgage for borrowers with a 60% deposit. If you can’t quite stretch to that, a 20% deposit will get you 2.29% fixed for 2 years!
Pretty good rates to kick off with, but as we now live in the 21st century, I would advise anyone looking for a mortgage to find themselves a good independent mortgage adviser and do all the shopping around you need!

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