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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
TSB Mortgage Review
TSB offers a range of mortgages to homemovers, first-time buyers and for remortgaging. Learn more in our TSB mortgage review.
TSB mortgages: at a glance
TSB offers capital repayment and interest-only mortgages, and typically fixed-rate and tracker rate options. TSB mortgages can be repaid over a term of up to 40 years and applied for online, over the phone, or at a TSB branch.
TSB Mortgages
1 to 40 years
£5,000
Capital & Interest; and Interest Only
Yes
No
This mortgage provider is available via our partner, London & Country Mortgages.
Think carefully before taking out any mortgage. Your home may be repossessed if you do not keep up repayments.
The information in this review is correct as at the date the page was last updated. This is our review of a lender and not the products, interest rates, fees or deal terms they offer. Many lenders also offer preferential products exclusively via brokers and intermediaries. This review does not constitute advice or recommendation.
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Take a look at some of the other mortgage providers we review.
What types of mortgages does TSB offer?
TSB first-time buyer mortgages
TSB generally offers mortgages for first-time buyers up to 95% loan-to-value (LTV) – meaning you could get on the property ladder with a 5% deposit.
» MORE: First-time buyer mortgages
TSB remortgages
TSB offers a range of remortgage deals, including options where you may not have to pay valuation and legal fees if you meet certain criteria.
» MORE: Compare remortgage deals
TSB buy-to-let mortgages
TSB offers buy-to-let mortgages to new and existing landlords. The eligibility criteria on buy-to-let deals is likely to be stricter than on standard mortgages.
» MORE: Best mortgage lenders
TSB mortgage features
Repayment options
TSB offers mortgages on a capital repayment or an interest-only basis.
With a repayment mortgage, your repayments cover the interest you owe and pay off some of your original loan amount each month. If you never miss a repayment, your entire mortgage debt, including interest, should be fully paid off by the time your mortgage term ends.
By contrast, interest-only mortgages require that you pay off the interest on your mortgage each month. Instead of paying off your original loan amount as you go, you need a plan in place to repay it in full at the end of the mortgage term.
If you are considering an interest-only mortgage, be aware that this type of mortgage tends to be more difficult to obtain than a capital repayment mortgage and often comes with lower LTV limits.
» MORE: Interest-only vs. repayment mortgages
Mortgage rates
TSB usually offers both fixed-rate and tracker-rate mortgages. With a fixed-rate mortgage the interest rate you pay is fixed for a period of time – usually two, five or perhaps 10 years. For the duration of your fixed-rate deal your monthly repayments are guaranteed to stay the same. The benefit is that you have certainty over the amount you must pay each month.
At the end of your deal, you may decide to remortgage to a new mortgage deal. If you don’t, you’ll automatically move onto one of TSB’s standard variable rates (SVR) – which one depends on the mortgage you’re leaving behind, but it has the potential to rise or fall, and may be higher than your previous rate.
With a TSB tracker mortgage the mortgage rate you pay automatically tracks movements in the Bank of England base rate. This means your monthly repayments could go up or down, depending on what the Bank decides. Before taking out a tracker mortgage you should think carefully about the level of monthly repayments you could reasonably afford if rates were to increase.
» MORE: Best mortgage rates
Loan-to-value ratios
TSB tends to offer mortgages to first-time buyers and home movers up to a maximum 95% LTV, meaning there are options if you have a 5% deposit. The maximum LTV available may be lower if you’re remortgaging to TSB.
» MORE: Why your LTV is important for a mortgage
Mortgage offers
A mortgage offer from TSB tends to be valid for 180 days. During this time, the mortgage rate you’ve been offered should not change. If you are struggling to complete within this timeframe, TSB may allow an extension for completion to take place, on request.
Making overpayments
It may be possible to overpay your TSB mortgage by 10%, or sometimes more, without incurring an early repayment charge. However, it’s important to always check the terms and conditions of your mortgage for yourself before overpaying your mortgage.
» MORE: Mortgage overpayment calculator
Paying off your mortgage early
You’ll need to request a redemption statement from TSB if you want to pay off your mortgage early. This will show the amount you need to pay to completely clear your mortgage, including any early repayment charges and other fees that may apply.
Porting your mortgage
If you already have a TSB mortgage and are moving home you may be able to take your existing mortgage with you. You’ll need to contact TSB if you want to port your mortgage in this way. Be aware that there may be instances where an early repayment charge applies.
Mortgage calculators
The TSB website has a handful of mortgage calculators that can help you find out how much you may be allowed to borrow and get an estimate of monthly repayments.
» MORE: Our mortgage calculators
This is our review of a lender and not the products, interest rates, fees or deal terms they offer. Many lenders also offer preferential products exclusively via brokers and intermediaries. This review does not constitute advice or recommendation.
Review methodology
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
You can view our full review methodology here.
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