News from TSB: TSB removes temporary coronavirus policies for affordability and offer extensions

TSB has updated it’s temporary criteria relating to coronavirus impact to income and offer expiry, effective from 11 November.

Due to the Government Job Retention Scheme ending on 30 September, the lender has removed reference to applicants being ‘furloughed’ or in receipt of ‘top up income. This will no longer apply, and the latest payslip should no longer reference this type of income.

The temporary offer extension process to support customers who experienced delays due to Coronavirus will be ending on 11 November 2021, for all cases not yet offered.  TSB will then revert to their standard offer extension process of up to four weeks for all applications, and up to six months for new build cases.

For cases already offered, prior to 11 November 2021, the lender will continue to offer extensions of three months where applicants have already exchanged and six months where not exchanged, and experiencing delays due to Coronavirus.

Please contact your national account manager if you have any questions.

For further information about TSB’s policies, please visit the criteria section of our website.

Brokers will be informed of these changes on Thursday 11 November.