TSB is set to offer 95 per cent loan to value (LTV) mortgages for borrowers outside of the government-backed mortgage scheme from 7 April.
The products will be available direct and through the broker-channel to first-time buyers and home movers.
Product rates and fees will be confirmed ahead of launch and applicants may borrow up to £500,000. Applications for flats or new-build homes will be capped at up to 85 per cent LTV.
Nick Smith, TSB’s head of mortgages said: “We know that for many first-time buyers, raising a deposit is often the biggest challenge. We were one of the first lenders to return to offering 90 per cent LTV during the pandemic, and we’re pleased to now reintroduce our 95 per cent LTV range giving further options for first-time buyers and those wanting to move home.”
At the start of March, TSB returned to 90 per cent loan to value (LTV) lending for self-employed borrowers and increased the amount of bonus, overtime and commission income that can be used to support the application.
The bank introduced a temporary cap of 75 per cent LTV where one or more borrowers are self-employed in November. It said this was to ensure it continued to lend responsibly during the pandemic and protect service levels.
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.
