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TSB cuts rates; Principality BS updates lending criteria – round-up

  • 12/06/2023
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TSB cuts rates; Principality BS updates lending criteria – round-up
TSB has reduced mortgage rates across select products by up to 0.4 per cent.

For example, its two-year fixed purchase mortgage at 90 to 95 per cent loan to value (LTV) with no fee has been reduced by 0.2 per cent, as has the five-year fixed equivalent. 

Its five-year fixes for purchase up to 85 per cent LTV with a £995 fee have been reduced by the same amount. 

TSB’s two-year tracker for purchase and remortgage has been cut by 0.3 per cent, while the five-year fixed remortgage with a £995 fee up to 75 per cent LTV has been lowered by 0.1 per cent. 

The lender has reduced its two-year tracker product for buy-to-let purchase and remortgage by 0.4 per cent. 

Additionally, its two-year buy-to-let product transfer tracker deal has been cut by 0.4 per cent, its residential product transfer tracker up to 85 per cent LTV has been reduced by 0.3 per cent and the five-year fixed product transfer for residential borrowers with a £995 fee up to 75 per cent LTV has been reduced by 0.1 per cent. 

These changes will apply from 13 June. 


Principality amends criteria 

Principality Building Society has made changes to its lending criteria including a loosening of its buy-to-let and holiday-let policies. 

The mutual no longer requires first-time buyers to own their own home when applying for a buy-to-let or holiday-let mortgage, and it has removed the minimum income requirement for holiday-let and buy-to-let mortgage applications. 

Principality will also accept employed income up to the age of 75 for all residential mortgages. The mutual will use the current income of applicants up to the age of 75 as long as the borrower is more than 10 years away from retirement and can show that they are paying into a private pension. 

Helen Lewis, national account manager at Principality, said: “We’re delighted to be introducing our updated lending criteria to the market.  

“The changes have been made in response to feedback from our brokers, customers and staff, and we’re pleased to be able to help more people onto their property ladder with these latest offerings.” 

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