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.
Important news from TSB – Introducing First Time Buyer products
On 7 December, TSB is introducing new products designed to help more First Time Buyers purchase their first home.
Created exclusively for First Time Buyers, the range has the same rates as TSB’s Home Mover products but will transfer onto a follow-on rate tracking at 2.49% above the Bank of England base rate, which is lower than their standard Homeowner Variable Rate.
First Time Buyer applications will be stress tested for affordability at 1% lower than the current rate, because of the lower follow-on rate. This will help First Time Buyers to start their mortgage journey, subject to lending criteria and LTI calculations.
Reverting to the lower follow-on tracker rate at the end of the fixed term, should this option be taken, will reduce the total amount payable over the lifetime of the mortgage, compared to TSB’s standard Home Mover products.
These lower follow-on rates also apply to TSB’s range of First Time Buyer Affordable Housing products.
Maximum LTV 95% for 2 and 5 Year Fixed, up to 90% LTV for 3 Year Fixed and up to 85% for 2 Year Tracker.
See product guide attached. Please be aware that the Headline Fixed Rates have not changed.
Brokers will be informed of these changes on 6 December @ 10:30am.