Second home loans
The maximum LTV we will currently consider lending to purchase a second home is 75% (65% for new build properties).
This lets the applicant apply for a mortgage on a property to be used primarily as a holiday / second home or for dependent relatives.
Second Home Loans (SHL) are included in the maximum TSB BTL limit of 3 properties or £2 million (whichever is achieved first).
We will not accept Right to Buy, Guarantor applications or Builders Incentive Schemes.
Occasional letting is allowed up to a period of four months with special conditions placed on the mortgage. If the second home is let for more than 4 months, this will be treated as a Buy to Let.
If the second home is to be let from completion for more than 4 months under a shorthold tenancy, Residential lending will be refused.
Income must cover all mortgage commitments and the additional expense of running second home properties.
Applications where a tenancy agreement is in place between applicant and family member cannot be accepted.