Mortgages

TSB increases maximum income multiple to 4.75

The Bank is also increasing the maximum loan size on selected products and launching new fixed rates at 95% LTV.

Rozi Jones
|
15th March 2019
TSB
"Increasing our loan-to-income cap and maximum loan size on selected products is about being able to give customers more flexibility on their borrowing needs."

TSB has announced an increase its maximum loan-to-income multiple cap from 4.5 to 4.75 for applicants earning over £40,000 a year.

It is also increasing the maximum loan size from £250,00 to £500,000 on selected products for residential borrowers.

Additionally, the Bank has launched new fixed rates available up to 95% LTV with a £995 fee.

A two-year fixed rate is available at 2.79%, a three-year fixed rate starts from 3.24% and a five-year fixed rate starts from 3.29%.

Other residential five-year fixed rate purchase and remortgage rates have seen increases of 5bps.

Nick Smith, TSB’s head of mortgages, said: “TSB is committed to helping people to borrow well and increasing our loan-to-income cap and maximum loan size on selected products is about being able to give customers more flexibility on their borrowing needs whilst still meeting our affordability criteria.

“We’ve also been able to widen our product range with a number of new mortgage products across TSB’s house purchase range for those borrowers looking to fix their monthly payments for a varied period of time.”

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