Coronavirus (COVID-19) update
TSB are currently not lending more than 60% of a property's value, unless you're an existing customer looking to switch your deal.
- You can find out more of the latest updates and advice on our dedicated Which? coronavirus information hub.
TSB mortgage customer ratings
The table below shows how TSB performed in our latest mortgage satisfaction survey, from application process to value for money.
| Customer rating for: | Star Ratings |
|---|---|
| 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 2019 Which? survey of 3,574 members of the general public, in which 69 people told us they had their mortgage with TSB.
What kinds of mortgages does TSB offer?
When we checked in September 2019, there were around 240 mortgages available from TSB. All of these were fixed-rate deals lasting two, three, five and 10 years. Some offered up to £500 cashback.
Does TSB offer interest-only mortgages?
Yes, the most you could borrow is 75% of the property’s value with an interest-only mortgage.
If the property is your main residence, or one that you have taken an interest-only mortgage against, you won’t be able to sell it as a way to repay the capital when the interest-only mortgage comes to an end.
Does TSB offer the best mortgage deals?
Which? analysis has found that TSB offers fewer cheap mortgages than the average lender.
In order to work this out, our experts analysed thousands of mortgages over a four-week period in August 2019. 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 15, while TSB featured four times. (Data source: Moneyfacts.)
Interest rates on TSB mortgages
When we checked in September 2019, all of the mortgages available from TSB were fixed-rate deals, meaning your interest rate is guaranteed to stay the same for a set number of years. These fixed-rate deals were available for two, three, five and 10 years.
The average interest rate of a two-year fixed-rate deal from TSB was 2.11% in September 2019, compared to the industry average of 2.77%.
TSB also offers ‘Fix and Flex’ mortgages, where you can fix your interest rate for 10 years, but have the option to leave this fixed-rate deal after five years, without having to pay an early repayment charge.
How much could I borrow from TSB?
Based on the property's value
Below we’ve outlined how much you could borrow from TSB, in relation to the percentage of the property’s value. It will also depend on the mortgages available when you apply.
| Maximum loan amount | Loan-to-value |
|---|---|
| £500,000 | 95% |
| £750,000 | 90% |
| £1m+ | 85% |
| £2m+ | 80% |
For new-build properties, the most that you could borrow is 85% of the property’s value for a house, and 80% for a flat.
Based on your income
The amount of income you have also affects how much you can borrow.
If your income is less than or equal to £40,000 the most you could borrow is 4.49x your income.
If your income is more than £40,000 the most you could borrow is 4.75x your income.
Can I make overpayments?
If your TSB mortgage has early repayment charges (ERCs), you can currently make extra payments of up to 10% each year of the mortgage balance that’s outstanding on 1 January, without paying an ERC.
But if you repaid up to 10% and then paid off the rest of your mortgage in full within six months, you’d have to pay an ERC on that initial 10% repayment.
How can I contact TSB?
- Existing mortgage customers on 0345 835 3380.
- New customers on 0800 056 1088.
- Its website is tsb.co.uk.
TSB mortgage eligibility
First-time buyers
You’ll qualify as a first-time buyer with TSB if you’ve never bought or owned a property.
If you’re applying for a mortgage specifically for first-time buyers with another person, only one of you needs to be a first-time buyer in order to be eligible.
You’ll still qualify as a first-time buyer with TSB if you’ve inherited a property.
Leasehold properties
If you’re applying for a mortgage for a leasehold property, there must be at least 70 years left on the lease at the time of completion.
TSB only accepts leases with less than 70 years in certain areas of central London.
Property types
Like other lenders, there are certain types of properties where TSB wouldn't offer a mortgage. Some examples include:
- Flats in a block with more than eight storeys.
- Properties that are next or close to a pub, nightclub, petrol station or pet shop, for example.
- Mortgages for studio flats are only available for properties over 30 square metres in central London.
