Coronavirus (COVID-19) mortgages update
The current deadline for mortgage payment holiday applications, which allow homeowners to defer payments for up to six months, is 31 January 2021. You can find out more with the following articles:
- How to apply for a mortgage payment holiday
- What's happened to mortgages during COVID-19?
- How has the coronavirus affected house prices?
For the latest updates and advice, visit the Which? coronavirus information hub.
TSB mortgage customer ratings
TSB is part of the Spanish banking group Sabadell, and offers mortgages across Great Britain.
The table below shows how TSB performed in our latest mortgage satisfaction survey, from application process to value for money.
| Customer rating for: | Star rating |
|---|---|
| Customer service | |
| Application process | - |
| Value for money | |
| Keeping you well informed | |
| Clarity of statements | |
| Transparency of charges | |
| Query and complaint handling | |
| Ability to overpay or underpay mortgage | |
| Online access | |
Star ratings based on a June/July 2020 Which? survey of 3625 members of the general public in which 76 people told us they had their mortgage with TSB.
What kinds of mortgages does TSB offer?
Many mortgage lenders have significantly cut their offerings this year due to the coronavirus outbreak.
When we checked in September 2020, there were 105 mortgages available from TSB. All were fixed-rate deals - meaning your interest rate will stay the same for a set initial period.
TSB's mortgages came with a initial period of either two, five or 10 years.
Does TSB offer the best mortgage deals?
Our experts analysed hundreds of mortgages over a four-week period in July 2020. They compiled a total of 208 ‘top-10 cheapest deal’ tables based on a variety of borrowing scenarios, and counted how many times each lender featured in a table.
The average number of times a lender made it into a table was 16. TSB featured 11 times, meaning it occasionally offered some of the most attractive rates. (Data source: Moneyfacts.)
Interest rates on TSB mortgages
In September 2020, the average rate on a two-year fixed-rate mortgage from TSB was 2.04%, compared to the overall market average of 2.33%.
How much could I borrow from TSB?
TSB will lend to first-time buyers, home movers and remortgagers at 60%, 70%, 75% and 85% loan-to-value.
If your earn up to £40,000, you can borrow up to 4.49 times your annual income. If you earn more, you can borrow up to 4.75 times income.
Can I make overpayments?
TSB's deals allow you to overpay up to 10% of the mortgage balance each year.
How can I contact TSB?
Mortgages from TSB are available directly and through mortgage brokers.
Existing mortgage customers on 0345 835 3380.
New customers on 0800 056 1088.
Its website is tsb.co.uk.
