TSB increases the LTV that is available at new -build house purchases to 95%, which means that prospective homeowners only need a down payment of 5% to turn their home ownership dreams into a reality.
Products are now available, with a fixed two -year option at 5.69% and a fixed option of five years at 5.39%. The bank also launches two new shared ownership products at 95% LTV, with rates from 5.49% for a zero fee, five-year fixed product-including £ 500 cashback.
The relocation follows last week’s loan (LTI) improvements, giving buyers of new construction the opportunity to borrow their income up to five and a half times, provided that they have a 10% deposit and a profit of more Then £ 75,000.
TSB has also announced the appointment of Paul Thornton as National New Build Manager. As part of this newly created position, he will be responsible for stimulating the new Build activity of TSB with residential builders and intermediaries. Thornton has 11 years of experience with TSB and was previously National Account Manager in the intermediary mortgage activities of TSB.
TSB -Head of mortgage distribution Beverley Bradford said: “We know that buying a first home is an important milestone, but for many affordability and saving can be an important barrier for a large down payment.
“These changes will help more first buyers to step on the real estate ladder and at the same time support the construction of greener new houses.”