TSB has made the following improvements to lending criteria effective from 25 April 2022:

• Increased Residential loan to income multiple to 5 times

Raised the income threshold to £50,000 (previously £40,000) and increased the income multiple for loan to value, less than or equal to 85%, from 4.75 to 5 times income. These new limits will apply to both employed and self-employed Residential applications.

Removed the 4.49 times loan to income cap for self-employed applicants.

• Introduced lower interest coverage ratio (ICR) on Buy to Let for basic rate taxpayers

Reduced the Interest Coverage Ratio (ICR) for basic rate employed taxpayers to 125% to help applicants borrow more or use a smaller deposit (existing loan to value limits still apply). The existing rate of 145% still applies to higher rate taxpayers and self-employed applicants.

Initially, this will only be available to employed applicants and applies to joint applications where both applicants must be employed or on pension income. We expect to open this up to self-employed applicants soon.

Residential stress rates

Residential stress rates have been updated to reflect the Bank of England base rate increase announced on 17 March 2022.

Regional case management teams helpline

TSB’s multi-skilled case management teams now provide focussed support on a regional level. You can also reach specialists in new build and self-employed income cases using these regional contact telephone numbers.

Central and South: 0330 123 3292

London and South East: 0330 123 3289

Scotland and North: 0330 123 3288

Telephone BDMs: 0330 1233291

For more information about criteria please visit the TSB website or contact your National Account Manager.