TSB has refreshed its new-build product offering with deals for low-deposit and shared ownership borrowers, and has created a role to lead the division.
TSB has raised the maximum loan-to-value (LTV) limit for new-build house and bungalow purchases to 95%, with a two-year fix priced at 5.69% and a five-year fix with a rate of 5.39%.
Lending on shared ownership new-build houses and bungalows has been upped to 95% LTV, while the limit for flats remains at 85%.
The bank has also introduced two shared ownership deals at 95% LTV, with rates starting at 5.49% for a fee-free five-year fixed product with £500 cashback.
This comes after the bank enhanced the loan-to-income (LTI) limit for new-build buyers, allowing them to borrow up to five-and-a-half times their income at 90% LTV for those earning at least £75,000.
TSB has also appointed Paul Thornton to the newly created role of national new-build manager. He will be responsible for leading the bank’s new-build activity with housebuilders and intermediaries.
How the housing landscape is set to shift
Sponsored by Halifax Intermediaries
Thornton has worked at TSB for 11 years and was previously the national account manager in its intermediary mortgage business.
Beverley Bradford, head of mortgage distribution at TSB, said: “We know buying a first home is a major milestone, but for many, affordability and saving for a large deposit can be a significant barrier.
“These changes will help more first-time buyers get on the property ladder while supporting the construction of greener new homes.”
