TSB increases income multiple cap; rejigs offerings

TSB has increased its income multiple from 4.5  to 4.75 for would-be borrowers earning £40,000 a year or more.

As well as this, the lender has introduced three new products and upped rates across a selection of products.

The new products consist of a two-year fix at 2.79 per cent, a three-year fix at 3.24 per cent, and a five-year fix at 3.29 per cent.

All three offerings are 90 – 95 per cent LTV products and for house purchase only.

In addition, the lender has pushed rates up by 0.05 per cent across a host of 75 per cent – 85 per cent LTV products within its five-year fix house purchase range and its remortgage five-year range.

Cashback of £300 is also now available within the lender’s five-year remortgage range (excluding free legals) from 75 per cent – 85 per cent LTV.

Furthermore, TSB has increased its maximum loan value to £500,000 on products up to 95 per cent LTV, across its two- ,three-, five-, and 10-year fixed ranges for house purchase only.

TSB head of mortgages Nick Smith comments: “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.”

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