TSB is latest lender to introduce mortgage salary cap
TSB is the latest lender to introduce a salary cap limiting all lending to a maximum of 4.5 times both single and joint incomes.
Last month Barclays lowered all mortgage lending from 5.5 times salary to 4.5 times income, while Santander also capped first-time buyer lending to 4.5 times salary.
In a note to brokers, TSB explained it was tightening its affordability policy in line with its competitors.
NatWest, RBS and Lloyds Banking Group all have a cap on mortgages above £500,000.
Aaron Strutt, product manager at Trinity Financial, says: "It is still possible to borrow five times income with some of the high street lenders, but we have access to one building socitey still lending up to six times income.
"In order to qualify borrowers will probably need to apply jointly and have two salaries. They will also need to have no children, be on the electoral role, have limited debts and want to borrow less than £500,000."
If you would like help to secure a mortgage call Trinity on 020 7016 0790.
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