TSB begins piloting its buy-to-let proposition

TSB is piloting its buy-to-let proposition with London & Country ahead of a wider roll-out later this year.

However, the lender says it has not yet decided when it will extend the distribution of its buy-to-let range.

TSB intermediary director Roland McCormack says: “We’re currently piloting our buy-to-let mortgages through London & Country. The team there are offering great support in helping us iron out any creases before we roll out more widely.

“Following the success of our homebuyer and remortgage roll outs, this marks the next phase of our strategy to provide brokers with a different sort of intermediary service.”

London & Country director Pat Bunton says: “We are very happy to be working with TSB following a hugely successful mainstream residential launch. It is great to have a new lender with some lending appetite operating in this space.”

The lender opened up its residential distribution to nine major distributors and 73 directly authorised firms in January, following a pilot with L&C.

TSB, which last month confirmed it had been bought by Spanish bank Sabadell for £1.7bn, was created in September 2013 when Lloyds Banking Group floated 631 branches to comply with European Commission requirements.

It took a 0.7 per cent share of the market in 2014, its first as a standalone lender, having lent a total of £1.47bn.