New build properties

The maximum we will currently consider lending on new build properties is:

  • Houses and Bungalows - 85%
  • Flats and Maisonettes - 80%

An initial occupancy/new build property is classed as any property being occupied and/or sold for the first time on the open market in its current state and includes converted and refurbished properties. These will fall into one of the following categories:

  • Newly built property.
  • Refurbished property i.e. refurbishment of an existing residential property. Typically a refurbished property will be considered as initial occupancy where the vendor is a builder/developer and the property has been vacated to allow for the refurbishment to be undertaken.
  • Newly converted property i.e. conversion of an existing non residential property, e.g. an existing mill converted into flats.
  • A property, either new or converted (as above), that has been tenanted and is now offered for sale by the builder/developer. Properties built within the last 10 years must be subject to one of the following building control and monitoring requirements:
  • Building Standards Indemnity Scheme from a warranty provider accepted by TSB.
  • Professional consultant where small, solely residential development of no more than 15 units - consultant must meet qualifying criteria.

Retrospective new build warranties are not acceptable.

New build mortgage offer

  • New build mortgage offers are valid for 180 days and are eligible for an extension of up to 28 days if the property doesn’t complete in time.
  • Applications are eligible for a further 180-day extension subject to successful re-valuation, credit search and affordability checks.
  • To request an extension, please contact 0345 307 3355 – Option 2. The latest we can process the mortgage offer extension is
    • 14 days after the initial mortgage offer expiry if this is your customer’s first extension, or
    • 14 days after the expiry of the 28-day extension

New build cash incentives

  • Builder cash incentives include but are not limited to deposit contributions, cashbacks, contribution to legal fees/stamp duty, mortgage subsidies.
  • Cash Incentives up to 5% of the property value are acceptable. Cash incentives or any other incentives > 5% are not acceptable.
  • Cash incentives for shared equity applications are acceptable provided the total value of the loan plus incentive together does not exceed 95% of the value of the equity share being purchased.

All lending decisions are based on valuation or purchase price (whichever is lower).

Unacceptable Site Search

 TSB Unacceptable New Build Site Search