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.
Lending and loan to value criteria changes
From Monday 12 December, TSB is making changes to their lending and loan to value criteria.
New Build has been a key focus this year and TSB would like to thank you for your support. With the ending of Help to Buy plus the emergence of new schemes, TSB are temporarily pausing their 90% lending whilst they watch how the market develops. TSB
are also updating their lending criteria for self-employed and Buy to Let stress rates to reflect the current market conditions. Support of the New Build sector remains strategically important to TSB and will continue to innovate in this market and keep you updated on their proposition through Q1.
New Build loan to value
- Maximum loan to value for New Build houses and bungalows is reducing from 90% to 85% LTV.
Loan to income for self-employed applicants
- Maximum loan to income multiple for self-employed applicants is reducing from 5.00 times income to 4.49 times income. See table the below for more information.
Stress rate for background Buy to Let mortgages
- The stress rate for background Buy to Let mortgages, on Residential mortgage applications is increasing from 5.5% to 7.0%.
Any DIPs or pipeline applications started before 12 December, won’t be impacted by these changes.