TSB has launched a new online mortgage calculator which will allow mortgage customers to see how much the bank could lend them and what their monthly repayments might be, before they speak to an adviser.
Designed to help customers in their mortgage search, the new calculator will identify the amount TSB may allow the customer to borrow to buy a new home or remortgage, according to their incomings and outgoings.
The property value, indicative borrowing amount and mortgage type are then used to identify a list of the lender’s current mortgage products which the customer could be eligible for, along with a minimum and maximum monthly repayment cost.
If they are ready to apply for a mortgage, the customer is then able to start the process by requesting an appointment.
Lorraine Donington, TSB’s head of digital user experience, says: “When customers are on the hunt for a new mortgage, it’s really helpful to know how much they could borrow and get a view of what they might have to repay, before going through the interview process.”
