News
TSB increases mortgage income multiples and launches fixed rates
TSB has increased its loan-to-income cap as well as maximum loan size on selected products and introduced a range of fixed rate products.
TSB has increased its maximum loan-to-income multiple cap from 4.5 to 4.75 for applicants earning over £40,000 a year.
Its maximum loan size has been increased from £250,00 to £500,000 on selected products for residential borrowers.
The bank has introduced two, three and five-year fixed rates at 90-95% loan to value (LTV), with a £995 fee in the house purchase range, and increased by 0.05% its five-year fixed rates at 75-85% LTV, for purchases and remortgages.
Nick Smith, TSB’s head of mortgages, said: “TSB is committed to helping people to borrow well and increasing our loan-to-income cap and maximum loan size on selected products is about being able to give customers more flexibility on their borrowing needs whilst still meeting our affordability criteria.
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“We have also been able to widen our product range with a number of new mortgage products across TSB’s house purchase range for those borrowers looking to fix their monthly payments for a varied period of time.”