TSB increases maximum mortgage loan size from £1 million to £2 million and launches pre-application support team
TSB for Intermediaries has launched a specialist department for brokers like Trinity Financial to get mortgages between £750,000 and £2 million agreed in principle before an application is submitted.
The bank has increased its maximum loan size from £1 million to £2 million and set up a specialist large loan pre-application team to attract more high-net-worth borrowers.
These decision-makers give brokers a strong indication of whether a mortgage meets TSB's criteria and the supporting documentation borrowers need to supply as part of the process.
Aaron Strutt, product director at Trinity Financial, says: “There is a lot of competition in the large mortgage loan sector with a selection of banks and building societies keen to attract borrowers looking for mortgages up to £2 million.
"Clydesdale Bank has just launched a range of interest-only mortgages available between £1m-£2m for borrowers with at least 25% deposits. Rates start from just under 4.2%.
"TSB tends to have competitively priced rates and a good reputation in the mortgage industry. The lender is offering two-year fixes and trackers, plus three and five-year fixes."
TSB large mortgage loan decision-maker overview
TSB will assess certain variables to determine which borrowers will be referred for further assessments by the large loans underwriting team.
These include the individual or aggregate mortgage exposure with TSB, application type and information returned from the credit search.
The bank will assess the applicant's overall creditworthiness, including determining the applicant’s financial details and credit commitments.
TSB will conduct a detailed review of income and expenditure and the applicant’s underlying asset base. The large loan team may also ask for the mortgage application together with the submission of bank statements on the applicant’s main current account.
This review prompts additional questions and income verification documents. When assessing the property – TSB may review the property type and composition as part of our full underwriting. This includes directly discussing with the property valuer if information is required to underwrite the application thoroughly.
Submitting TSB mortgage applications
A mortgage underwriter will typically request documentation for a mortgage application, including:
• Three months’ main current account bank statements for each applicant. Also, potentially bank statements from other linked accounts.
• An expenditure and assets form with evidence of ownership.
• Income verification includes payslips, P60’s or compensation statements.
• Proof of deposit for the property purchase.
• If raising funds for home improvements, evidence may be required to confirm how much the renovations and materials will cost. If the applicant is getting divorced, TSB may ask for evidence of the divorce settlement.
Call Trinity Financial on 020 7016 0790 to secure a mortgage, book a consultation, or complete our mortgage questionnaire.
The information contained within was correct at the time of publication but is subject to change.
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