Last year TSB made some temporary changes to lending criteria to ensure the bank continued to lend responsibly during the coronavirus pandemic.
TSB is now able to return to higher loan to value lending for self-employed customers and be more flexible in the use of different types of income in the affordability assessment from today.
A summary of lending criteria changes:
- Removal of temporary maximum 75% LTV cap for applications where one or more customers are self-employed.
- Return to maximum 40-year term on 90% LTV lending, increased from a temporary 30-year maximum term.
- Return to accepting 60% of overtime and commission income, based on latest three-month average.
- Return to accepting 60% of bonus income paid weekly, fortnightly or monthly.
- Please note: Bonus income paid quarterly, half-yearly or annually will remain unacceptable and must not be keyed.
Please contact your national account manager if you need more information.
For more information see TSB’s criteria.
Applications and DiPs started before 5 March, won’t be impacted by these changes.
