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 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