TSB reduces mortgage rate

TSB Bank said last night it was reducing its variable mortgage rate to 5.4 per cent (APR 5.5 per cent), but only for new customers. The cut represents a drop of 0.5 per cent, and will be available from the start of business today, the bank said. Existing customers will receive a similar rate cut on January 28th. Fixed mortgage rates for new customers have also been reduced, the bank said, as well as rates for overdrafts, bridging, personal lending and credit cards.