TSB increases mortgage income multiples and launches fixed rates
TSB has increased its loan-to-income cap as well as maximum loan size on selected products and introduced a range of fixed rate products.
TSB has increased its maximum loan-to-income multiple cap from 4.5 to 4.75 for applicants earning over £40,000 a year.
Its maximum loan size has been increased from £250,00 to £500,000 on selected products for residential borrowers.
The bank has introduced two, three and five-year fixed rates at 90-95% loan to value (LTV), with a £995 fee in the house purchase range, and increased by 0.05% its five-year fixed rates at 75-85% LTV, for purchases and remortgages.
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 have 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.”