Changes to our criteria*

We’ve made changes to our lending criteria

We’ve made changes to our lending criteria

From Tuesday 7 January, we’ve made the following improvements to our Concessionary Purchase criteria.

We’re introducing a new Concessionary Purchase option of a minimum 5% discount of the market value with a minimum 5% deposit. This applies to both applicants purchasing from an immediate family member or a sitting tenant purchasing from their landlord.

For the full details, including different policy scenarios, visit our Concessionary Purchase page.

Previous changes to our criteria*

From Tuesday 15 October, we launched a 1 Year Fixed Product Transfer range, which is available for both existing Residential and Buy to Let applications. Assisting borrowers who would like to secure their mortgage in the short term, with the option of reviewing it after just twelve months.

We’ve also removed the two year minimum term requirement on our 2 Year Tracker Product Transfer rates with no Early Repayment Charges. Supporting customers with less than two years remaining on their existing TSB mortgage.

Enhanced flexibility for existing TSB mortgage customers.

Please visit our Products page for more information.

31 July 2024 – We’ve made changes to our lending criteria

From 31 July 2024, we’ve made the following changes to our lending criteria:

Buy to Let stress rate changes

We’ve reduced our Buy to Let stress rates by up to 1%. Please see the table below for more information.

Application Type	Less than 5 year fixed products	5 year or more fixed products
Remortgages with no additional borrowing (excluding Residential to BTL / Let to Buy)	Higher of 5.50% or product rate +1%	Higher of 5.50% or product rate +1%
All other application types (including Residential to BTL / Let to Buy)	Higher of 6.50% or product rate +2%	Higher of 5.50% or product rate +1%

Buy to Let mortgages in the background

We've reduced the stress rate used for background Buy to Let mortgages on Residential applications from 6.00% to 5.50%.

From Thursday 19 October, you’ll no longer need to deduct or validate SEISS grants for self employed applicants.

Please visit the Self employed Hub for the updated criteria.

We now also accept Scottish Child Payments (SCP) as a form of other income. SCP can be keyed under Child Benefit.

Please visit our Treatment of other income and Verification of other income pages for full details.

*Please check the criteria pages for up to date information