TSB raises maximum mortgage income multiple to 4.75 times salary
TSB for Intermediaries has increased its maximum mortgage income multiple from 4.5 to 4.75 times salary for borrowers earning £40,000 a year or more.
The bank has removed its 3.5 times income limit for applications between £500,000 and £750,000 for those with a 10% or 15% deposit. It has also caught up with some of its competitors by offering 5% deposit mortgages up to £500,000.
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 while still meeting our affordability criteria.”
Many of the banks and building societies are particularly active in the mortgage market at the moment, and they are improving their affordability calculations and rates to tempt borrowers into action.
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