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: Changes to lending into retirement criteria
TSB is helping more homebuyers spread the cost of their mortgage with its updated lending into retirement criteria.
If an applicant has more than 10 years until retirement:
- TSB can now lend to age 75 without proof of anticipated pension income.
- Applicants only need to evidence contributions to a private pension.
If an applicant has less than 10 years until retirement (or age 70, whichever is lower):
- A pension forecast will be required to support affordability.
Brokers will be advised of the changes on Monday 16 October at 10.30am.
IMPORTANT NEWS FROM TSB: Product changes – 20 October
On Friday 20 October, TSB is making significant reductions to its 2 and 3 Year Fixed Residential, Product Transfer and Additional Borrowing rates by up to 0.50%. This includes the launch of a new 3 Year Fixed Rate at 4.99%, available to First Time Buyers and Home Movers. Providing stability of payments in the short to medium term.
And for borrowers with smaller deposits, all House Purchase products above 85% Loan to Value also benefit from £500 cashback, helping with the cost of moving.
Residential
Reducing rates on:
- 2 Year Fixed House Purchase and Remortgage, by up to 0.50%
- 3 Year Fixed House Purchase, by up to 0.30%
- 3 Year Fixed Remortgage 0-75% LTV, by 0.30%
Product Transfer
Reducing rates on:
- Residential 2 Year Fixed, by up to 0.50%
- Residential 3 Year Fixed 0-80% LTV, by up to 0.45%
Additional Borrowing
Reducing rates on:
- Residential 2 Year Fixed, by up to 0.50%
- Residential 3 Year Fixed, by up to 0.45%
TSB is also updating its lending criteria.
From today, 19 October, TSB is making the following changes to its lending criteria:
- TSB no longer require SEISS grants to be deducted or validated for self employed applicants.
- TSB now accepts Scottish Child Payments (SCP) as a form of other income.
Brokers will be advised of these changes on Thursday 19 October at 10:30am and asked to submit applications by midnight on Thursday 19 October, as they won’t be available after this time.