FOR THE USE OF MORTGAGE INTERMEDIARIES & OTHER PROFESSIONALS ONLY
We are updating our current policy to ensure business is conducted in line with both UK and European law, post-Brexit.
From 1 January 2021, Buy to let customers who are living overseas will no longer be able to complete a Rate Switch application with TSB.
Buy to Let accounts with an overseas correspondence address have been identified and an indicator applied to their account. Customers will be informed of this change to criteria if they make a Rate Switch application.
If the customer informs us that they now reside in the UK, the Rate Switch application will be progressed.
This also applies for customers with TSB second home loans residing outside of the UK.
Applicants will need to provide a ‘share code’ to evidence their settled or pre-settled status. Alternatively, should the customer have it, EEA and Swiss nationals must evidence permanent right to reside in the UK as per the current lending policy for foreign nationals from non – EU states.
Applicants from Ireland will not need to provide a ‘share code’ or evidence of permanent rights to reside, they will be treated the same as UK nationals.