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TSB Intermediary launches into buy-to-let mortgages

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  • 13/05/2015
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TSB Intermediary launches into buy-to-let mortgages

TSB Intermediary has launched its first buy-to-let range, distributed through advisers, following a successful pilot with London & Country.

The bank is offering a five-year buy-to-let range after its launch into the intermediary residential market in January and remortgage product launch in March this year.

Initially, five year deals will be available with further deal terms being added in the coming weeks. This is the latest development for TSB Intermediary which launched in January this year and follows the launch of remortgage products in March.

The deals are offered up to 75% LTV to a maximum loan size of £500,000 and to no more than four applicants. Initial rates up to 60% Loan to Value start from 3.49% with a sliding fee-scale and from 4.19% beyond 60% LTV.
TSB is initially offering its products through 10 networks and 150 directly authorised firms with broader distribution ‘imminent’ it said.

A spokesperson said: “We want to make sure we cope with the volume without running into service issues. That’s what we’ve done with all our launches this year.”

In March, 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.
Roland McCormack, TSB’s mortgage intermediary director, said: “This is the latest milestone in the growth of TSB Intermediary.
“Our bespoke approach to service is already proving popular which is why we want to ensure all of our mortgages are under one brand and one team so brokers can contact the same BDM and benefit from the same great service they have already come to expect from TSB.”

The challenger bank TSB received £700m worth of mortgage applications through its intermediary channel in quarter one, with approximately £100m completions made.

In total, the bank achieved gross new mortgage lending of £479m in Q1 2015 across both its broker channel and direct business, compared to £404.5m in Q4 2014.

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