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TSB creates large loan team

  • 26/02/2024
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TSB creates large loan team
TSB has created a dedicated underwriting team to better support large loan applications between £750,000 and £2m.

The team will be able to talk to brokers through a case prior to submitting a decision in principle and give an indication of whether the case is suitable for a large loan application and what documents would be needed to support an application.

The direct number for the large loan specialists can be found through this link, but business development managers (BDMs) can be contacted for initial guidance.

TSB, which recently upped select rates, will look at several factors to identify cases that will be referred for manual assessment by the large loans underwriting team. This includes individual or aggregate mortgage exposure with the lender, application type and credit search results.

Other manual underwriting criteria to be referred to the large loans team include loan exposure to TSB being over £1m, loan exposure with lender being over £750,000 if the customer is borrowing more than 80 per cent of the maximum loan available, and loan exposure breaching £500,000 if the customer is borrowing over 80 per cent of the maximum loan, subject to credit score and barring like-for-like remortgages.

Cases can be referred to the large loan underwriting team for all remortgages with additional borrowing applications, including unencumbered and transfer of equity applications, where the amount of equity being released is over £300,000 and exceeds 50 per cent of the equity available.

If the above criteria are then met, applications will receive a full review of the mortgage application, which will look at creditworthiness, affordability and property.

A TSB spokesperson said: “We are utilising a number of our existing underwriting team to deal with the more complex cases, including those falling into our new large loan proposition. We’re moving in line with market conditions to ensure we’re meeting more of our customers’ needs.”

The spokesperson did not confirm the exact number of underwriters in the team.

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