Mortgage News
TSB ups rates and changes income policy criteria
TSB will increase its five-year fixed house purchase and remortgage rates by up to 0.5 per cent from today and has made changes to its income policy criteria.
For movers and first-time buyers, five-year fixed rates will start from 5.99 per cent with no fee and 5.79 per cent with a £995 fee. This is at 60 per cent loan to value (LTV).
On the remortgage side, five-year fixed rates at 60 per cent LTV with a £995 fee are priced from 5.79 per cent and with no-fee the rate is 5.99 per cent.
TSB also updated its maximum loan to income (LTI) multiple for employed customers earning more that £100,000 to 5.5 times income for loans over 85 per cent LTV.
For loans under 85 per cent LTV, the maximum LTI has increased to 4.49 times income.
The lender has also increased its maximum loan to value for new builds from 85 per cent LTV to 90 per cent LTV subject to credit score.
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TSB said that cases started prior to 13 July will benefit from maximum LTI change, but this was not the case for new build. If pipeline cases wanted to be subject to the LTV increase, then the application would need to be resubmitted.