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TSB pilots buy to let with plans to broaden distribution in May

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  • 15/04/2015
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TSB pilots buy to let with plans to broaden distribution in May
TSB has launched a buy-to-let pilot with mortgage advice firm London & Country and hopes to widen distribution to its panel of residential brokers next month.

Roland McCormack, TSB intermediary director said: “We’re currently piloting our buy-to-let mortgages through London & Country. The team there are offering great support in helping us iron out any creases before we roll out more widely.“

Following the success of our homebuyer and remortgage roll outs, this marks the next phase of our strategy to provide brokers with a different sort of intermediary service.”

TSB is currently offering its products through nine major distributors and 73 directly authorised firms since its launch into the intermediary channel in January.

The lender was unable to confirm the pilot product details but said the bank aims to offer the same products through intermediary and direct channels.

The lender offers up to 75% of the property’s value, or 65% for new build on loans up to £1m. The lender offers up to three loans to a total value of £2m.

In March this year, Lloyds Banking Group agreed to sell its remaining 50% shareholding in TSB to Spanish bank Sabadell, in a deal which will value the bank at £1.7bn.

 

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