TSB requests job confirmation for furloughed borrowers and withdraws deals

TSB requests job confirmation for furloughed borrowers and withdraws deals

 

The letter must be dated within four weeks of the mortgage application and specify the date the applicant is due to return to work.

The employer will also need to confirm whether the applicant will return to work part or full-time.

Contributions towards the employee’s salary, pension contributions and national insurance will also need to be outlined in the letter, if the applicant is returning to work after 31 July.

A coronavirus impact form must be submitted alongside the application detailing the borrower’s current salary.

The lender has also said applications for those who are employed but not furloughed must reflect salary cuts as a result of the coronavirus.

A TSB spokesperson said: “These are temporary measures to support our customers during these unprecedented times. They help our customers to borrow well and ensure the mortgages we provide are affordable to our customers.”

 

Products withdrawn

TSB is also removing some of its products today – including several options at 80 per cent loan to value (LTV).

In a communication sent to brokers, the lender said: “To make sure we’re taking a responsible approach to help our customers borrow well, we’re withdrawing some of our products.”

Brokers must submit existing application for the deals by 8pm today. It said a new product guide would be available from 17 June.

Deals being removed include a pair of five-year fixes for purchase at 80 per cent LTV and 12 remortgage products at two- or five-years – with free legals or cashback.

 

 

Santander restarts Northern Ireland valuations

Santander is restarting physical valuations in Northern Ireland from this week.

Social distancing measures will be in place and valuers will ask the property owner if they are experiencing any coronavirus symptoms.