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TSB raises maximum loan sizes; Clydesdale amends new-build criteria – round-up
TSB has increased the maximum loan sizes on buy-to-let loans to £1m for mortgages up to 75 per cent loan to value (LTV).
For amounts above 75 per cent LTV, the most TSB will lend is £500,000.
This follows the bank’s decision to raise the maximum loan on residential mortgages up to £750,000 between 85 and 90 per cent LTV.
TSB has also withdrawn its five-year fixed rate mortgages up to 85 per cent LTV with five-year early repayment charge periods.
Changes apply from today.
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Clydesdale changes new-build criteria
Clydesdale Bank has amended the new-build criteria to accept cash incentives of up to five per cent of the purchase price up to 90 per cent LTV.
This includes cashback deals, stamp duty contributions and payment of professional fees. The lender will also accept non-cash incentives without impacting the loan amount.
Elsewhere, Clydesdale has reduced the minimum income for newly qualified professionals from £40,000 to £30,000. Borrowers applying for a newly qualified professional product may be eligible for borrowing amounts of up to 5.5 times income.