TSB mortgages:
Your expert guide

TSB is one of the UK's biggest mortgage lenders. At Mojo, we can help you make a successful application with TSB.

TSB mortgage guide
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Stuart Bowman

10-minute read

Last updated: 17th December 2020

Why apply for a TSB mortgage?

TSB is a popular mortgage lender.

In fact according to the latest stats from UK Finance, the building society issues around £5 billion a year to mortgage borrowers.

That rather hefty amount is spread across lots of different types of mortgage deals from first time buyers to buy-to-let.

However, as a mainstream lender, TSB tend not to issue mortgage offers to applicants with major credit issues in the recent past.

What are TSB's best mortgage rates?

Best mortgage rate doesn't always mean the lowest mortgage rate.

TSB have many different types of mortgage deal, with some offering more flexibility and fewer upfront fees. Even a low rate doesn't always mean you'll pay less over the term of your mortgage either.

TSB mortgage deals

It's important to remember all TSB mortgage rates will depend on your personal circumstances, but these are some of the lowest headline rates the bank is currently offering.

These are examples only.

They are based on an application for a £150,000 loan to purchase a £200,000 property over 25 years.

Lowest 2-year fixed rate

Initial rate: 1.49%

Initial period: 26 months

Initial monthly payments: £603.17

After the initial period this deal reverts to TSB's Standard Variable Rate of 3.59% with monthly payments of £749.48.

APRC: 3.3%

Fees: £995.00

True cost: £221,039.94 (for the 25-year term)

Lowest 5-year fixed rate

Initial rate: 1.74%

Initial period: 62 months

Initial monthly payments: £621.06

After the initial period this deal reverts to TSB's Standard Variable Rate of 3.59% with monthly payments of £734.53.

APRC: 3.2%

Fees: £995.00

True cost: £213,323.86 (for the 25-year term)

TSB mortgage guide

You can check whether you're eligible for these TSB deals with Mojo.

We'll show you the best deals from over 90 lenders too.

  • Find out exactly what rates you can get
  • Get help with the paperwork if you want to apply
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These rate examples were updated 17 December 2020.

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TSB mortgage application

It doesn't matter if you're a first-time buyer, moving home or remortgaging, all TSB applications start in the same way, by getting a mortgage promise.

Normally it takes about 15 minutes online, but you may need to book an appointment over the phone or at a TSB branch.

You can apply for a TSB mortgage on your own or as a joint applicant.

Why use Mojo to apply with TSB?

Because you'll be confident you got the best deal.

We'll take you through TSB's application process and even double and triple check your paperwork to make sure your application runs as smoothly as possible.

Of course, you'll be able to check if you can find a cheaper mortgage deal elsewhere too.

And it's all free, we never charge a broker's fee.

Compare TSB deals

How long does a TSB mortgage application take?

After submitting your mortgage application, like all lenders, TSB will complete a property valuation and start underwriting. It normally takes up 2 weeks before you get your mortgage offer.

TSB mortgage appointment process

If you decide to apply direct with the lender, you'll have to do 2 steps, but TSB will save your progress.

1) Get your Agreement in Principle and Mortgage Promise

You can do this online or by booking an appointment on the phone or at a branch.

A TSB Agreement in Principle states (loosely) how much you can borrow. If you get one, it means you've also passed a soft credit check and there aren't any obvious issues with your credit history.

It's a great first step.

TSB will issue you with an Agreement in Principle before you've found the place you want to buy, so remember it's not a guarantee of a mortgage offer.

What is an TSB Agreement in Principle?

An Agreement in Principle, also called a Decision or a Mortgage in Principle, is an important first step in getting a mortgage and is a document that states how much you could potentially borrow from TSB.

It is also used to show estate agents or new build sales consultants when viewing properties as it shows you to be a serious buyer.

2) Get an appointment to apply

When you have an Agreement in Principle, and have an offer accepted on a property, you can proceed with a full mortgage application with TSB.

You'll speak to a TSB adviser who will make a mortgage recommendation. If you are happy with their recommendation, they'll officially value your property and conduct do mortgage underwriting.

You'll need the following:

  • Your last 3 months' payslips or 3 years' self assessments
  • Your last 3 months' bank statements
  • Any details of how you can repay an interest only mortgage – if that's what you want
  • Details of any loans you currently hold, including student loans and car payments

TSB will also run a hard credit check at this point. This stays on on your credit record.

How much will TSB lend me for a mortgage?

TSB tends to offer up to 4.75 times your gross salary. That is usually the maximum, but it varies in each case.

TSB remortgages

There's a good chance you can save money remortgaging to TSB, but as with any remortgage, you will need to pass new affordability and eligibility checks.

They do offer free standard legal work when borrowing up to £999,999 and no valuation fees for mortgages up to £1 million.

Currently you can apply to remortgage to TSB if you want to borrow up to 80% of your home's value.

You should always check any remortgage deal is the absolute best you can get.

TSB product transfers

If you're already a TSB customer and want to stay with them but want to avoid a higher SVR, you can do a product transfer.

Normally TSB will contact you just before your existing deal ends, offering mortgage deals that'll be cheaper than the bank's SVR.

They will be good options. However, you could still get a cheaper deal from another lender.

It only takes a few minutes to compare your TSB offer side by side against what other lenders can offer you. And if you still want to remortgage with TSB, we can do that for you too. It usually only takes a day to sort out.

Can I port my TSB mortgage?

TSB allows you to 'port' the terms of your current deal to a new house. Most deals are eleigible and you can check for certain on your mortgage offer.

Even if you are moving house and are happy with your current deal, porting may not always be the best option. Our expert advisers can help you find out if you'll save more in the long term by remortgaging to a new lender.

How much are TSB early repayment charges?

TSB let you overpay up to 10% of your mortgage balance each year without having to pay a charge.

For amounts above 10%, the charge is either 1 or 2%.

Mojo's expert advisers can help you work out your early repayment charges ahead of a full remortgage.

TSB buy-to-let mortgages

TSB is a mainstream lender who also offers BTL mortgages. You need to be at least 25 to get one from, and they will only lend to landlords with 3 or fewer mortgage rental properties.

You can borrow up to 75% of the property's value, but only 65% for new build as long as that's an amount between £25,005 and £1 million. In total, TSB will lend you up to £2 million across 3 buy-to-let mortgages.

Like most lenders, TSB's buy-to-let mortgages come with free valuations.

TSB first-time buyer mortgages

If you're a first-time buyer, TSB can be a good option.

The bank says they were formed to bring competition to the market and back in 2015 introduced a 95% mortgage deal on a 10-year fixed rate – the first of its kind.

They also accepted Help to Buy applications.

How long are TSB mortgage offers valid for?

180 days. Plus TSB also offer an extension of up to 28 days if the property doesn't complete in time.

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