TSB has updated its lending criteria for new build and Shared Ownership properties.
The bank increased its maximum loan-to-value (LTV) for residential new build houses and bungalows from 90% to 95% LTV.
Shared Ownership mortgages are only available in England and Wales, with a maximum LTV of 95%.
New products are available, including a 2-year fixed rate at 5.69% and a 5-year fixed rate at 5.39%.
TSB is also introducing two new Shared Ownership products at 95% LTV, with rates starting at 5.49% for a zero-fee, 5-year fixed option, including £500 cashback.
For new build properties, TSB will currently lend up to 95% on houses and bungalows and 85% on flats and maisonettes.
For second homes or holiday homes, the maximum is set at 75%.
Cash incentives are acceptable up to 5% of the property’s value, but anything above this is not allowed.
