TNB has increased the maximum loan-to-value (LTV) on standard residential mortgage loans to 85%. These loans are subject to valuation and status, and will make it easier for borrowers to buy their homes with a smaller deposit.
As property prices in Gibraltar increase, the burden on homebuyers to finance their purchase has increased too. By raising the LTV, clients will find more properties become within their affordability. It will also help free up capital for the costs associated with buying a home and furnishing it.
This follows on from other new mortgage products introduced in 2021 as part of the Banks campaign to be the “homeowners bank of choice”. Further developments are expected in the near future.