See the latest announcement from TSB below. Note that you can access TSB via the Brilliant Solutions mortgage club but the lender does place some restrictions on access. Contact us for details.
TSB Mortgage Product Guides are available here but check the date to ensure it has been updated to reflect the announcements below.
TSB now accept Universal Credit as Other Income.
From Thursday 20 November, TSB accept Universal Credit payments towards Residential affordability. Helping more customers onto and up the property ladder.
The following forms of Universal Credit are now accepted as Other Income:
- Standard Allowance
- Disability Element
- Child Element
As Universal Credit payments can vary from month to month, TSB have launched a new Universal Credit Calculator to ensure keying accuracy.
For more information on keying Universal Credit, there’s also a helpful Income Guide on the TSB Mortgage Intermediaries website. Which includes percentage used and evidence required.
From today, TSB has also introduced a 5-year stress rate of interest for new Residential applications.
Where there’s a customer need for a 5-year+ fixed product, a stress rate of 6.25% interest will be applied.