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TSB mortgage review

Our TSB mortgage review combines customer feedback with expert deal analysis to reveal whether the lender is worth considering next time you apply for a mortgage.

In this article
TSB mortgage customer ratings What kinds of mortgages does TSB offer? Does TSB offer the best mortgage deals? Interest rates on TSB mortgages How much could I borrow from TSB?
Can I make overpayments? How can I contact TSB? TSB mortgage eligibility What TSB mortgage customers say Get personal mortgage advice

TSB mortgage customer ratings

Mortgages
TSB review
Which? Customer Score
70%
Joint 10th out of 23 mortgage lenders
Which?'s rating for customer satisfaction, based on feedback from real customers. The score is made up of a customer's overall satisfaction with the brand, and how likely they are to recommend that brand.
Compare TSB against 22 other mortgage lenders

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

3 out of 5

Application process

4 out of 5

Value for money

3 out of 5

Keeping you well informed

3 out of 5

Clarity of statements

4 out of 5

Transparency of charges

4 out of 5

Query and complaint handling

4 out of 5

Ability to overpay or underpay mortgage

3 out of 5

Online access

2 out of 5

 

Star ratings based on a June 2018 Which? survey of 3,560 members of the general public, in which 94 people told us they had their mortgage with TSB.

What kinds of mortgages does TSB offer?

When we checked in July 2018, there were 140 mortgages available from TSB. All of these were fixed-rate deals lasting two, five or 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, you won’t be able sell it as a way to repay the capital at the end of the interest-only mortgage.

Looking for a mortgage?

Which? Mortgage Advisers can find the best lenders and deals for your personal situation.

Your home may be repossessed if you do not keep up your mortgage repayments.

Does TSB offer the best mortgage deals?

Which? analysis has found that TSB offers far 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 June and July 2018. They compiled a total of 108 ‘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 14, but TSB didn’t feature at all. (Data source: Moneyfacts.)

Interest rates on TSB mortgages

When we checked in July 2018, all of the mortgages 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, five or 10 years.

The average interest rate of a two-year fixed-rate deal from TSB was 2.06% in July, compared to the industry average of 2.81%.

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?

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 size Maximum loan-to-value
£250,000 95%
£750,000 90%
£1,000,000 85%
£2,000,000 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.

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 can contact 0345 835 3380, while new customers can call 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 leaseholds of less than 70 years in certain areas of central London.

Property types

TSB doesn’t offer mortgages for high-rise flats if the block has more than eight storeys.

TSB also doesn’t lend on properties that are next or close to a pub, nightclub, petrol station or pet shop.

Mortgages for studio flats are only available for properties over 30 square metres in central London.

What TSB mortgage customers say

Get personal mortgage advice

Correct as of date of publication.

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