Mortgage FAQs for Existing Customers

Some of our mortgages carry a charge if you repay all or part of your mortgage in the early years or transfer to a different mortgage - these are called early repayment charges.

If you want to pay off part of your mortgage or make overpayments where there is an early repayment charge, you can repay up to 10% (some products have a higher limit) of your mortgage balance each year without having to pay the charge.

The maximum amount you can overpay is calculated using the balance as at 1 January of the year in which you make the repayment.

If you repay the maximum amount then repay the remainder of the loan in full within six months, the early repayment charge will also be charged on the amount you initially repaid.

Where there is no early repayment charge period or it has expired you can repay the loan in full or in part whenever you want.

Visit our Mortgage Overpayments page to find out more.

If you applied for a mortgage before 1 June 2010

Your mortgage will move onto the Standard Variable Mortgage Rate.

If you applied for a mortgage after 1 June 2010

Your mortgage will move onto the Homeowner Variable Rate. Or if you have a buy-to-let mortgage it will switch to the Buy-to-Let Variable Rate.

Before your current deal ends, we'll write to you with your new payment details, which may be higher or lower than what you currently pay.

How to switch to a new mortgage deal

Check our mortgages for existing customers to see what's available.

To find out more, visit:

TSB Mobile Banking App

1. Log in to the TSB Mobile Banking App
2. Tap on your Mortgage
3. Find the option ‘Manage’
4. Select ‘Current deal ending’

To register visit our mobile banking app page. 

For help with registering call 03458 353 844 or +44 (0)203 2841 577 from abroad. Open 8am – 8pm Monday to Saturday, 8am – 6pm Sundays, excluding bank holidays.

Not using the TSB Mobile Banking App yet? Download it now.

It's easy for existing mortgage customers to transfer to a new deal. You can request an illustration, either online, by calling us or visiting your local branch.

More information about our transfer deals

To find out more, chat to us through the TSB Mobile Banking App. We’re available 8am-7:45pm Monday to Friday.

Show me how

Whether you're looking to borrow more on your existing mortgage for home improvements or a special purchase, we've a range of products available for you.
When applying for additional borrowing, keep in mind:

• £10,000 is the minimum amount you can borrow. If you need to borrow less, there are other borrowing option available
• Borrow up to 85% of the value of your property, including your existing mortgage and additional borrowing - 75% if you have an interest-only mortgage
• You must have had your current TSB mortgage for more than 6 months
• Your payments must be up-to-date before you apply
• Our mortgage adviser can recommend a loan that suits your needs and circumstances, and explain how it may change your monthly payments

In certain circumstances, and if your mortgage is up-to-date, you can pay less than the full monthly mortgage payment that is due, or even suspend your payments for a short time, although you would need to pay a charge. If you would like to know more about taking a payment holiday or an instalment break, see further information about payment flexibility. 

If your existing mortgage is on an interest-only basis, you can apply to change it to a repayment basis at any time. If it's set up on a repayment basis, you can only switch it to interest-only if your total mortgage amount is 75% or less of your property's value, and you provide evidence of an acceptable repayment plan. See our list of acceptable repayment plans. If you'd like to go ahead with your request, call 0345 835 3380 and choose option 2.

If your existing mortgage is set up on a repayment basis, you can normally only switch to interest only if your mortgage totals 75% or less of your property's value and you have an adequate repayment plan in place. However, if you are ever facing financial difficulties and, as a way of temporarily reducing your mortgage payments, you want to discuss just paying the interest each month for a while on a mortgage that totals more than 75%, please get in touch. Find out more about how we could help if you're facing financial difficulty.

Tell us as soon as possible if you are having problems repaying your mortgage or think that you might experience problems shortly.

Find out more about how we could help if you're facing financial difficulty

Bank of England Base Rates

Mortgage charges

One-off lump sums

You can pay part of your mortgage whenever you want. They are known as lump-sum overpayments. When you make a payment, your mortgage balance will be reduced on the day we receive the money, and you'll start to be charged less interest. Then, because your balance is lower, you can either:

• Keep paying your current monthly payment so that you repay your mortgage sooner. However, when we next re-calculate your monthly payment, for example at an interest rate change, we will set the new monthly payment to a level that will repay your mortgage over the current mortgage term. Or
• Ask us to re-calculate your monthly payment immediately, so that you get to reduce your monthly payments but still repay your loan by the end of the current mortgage term. Or
• If your mortgage is set up on a repayment basis, you can apply to change the remaining term. If you do this, you will need to speak to one of our Mortgage Advisors who will check that you can afford the monthly payments over the new term and advise you if this is right for you.

If you make a lump-sum overpayment, it can't normally be refunded at a later date.

Important

An early repayment charges applies on some mortgages. You may have to pay an early repayment charge if, during your early repayment charge period, you repay more than a certain amount of your mortgage or switch to a new mortgage deal. As a current concession you can make, each year, extra payments of up to 10% of the mortgage balance (as at 1st January) before a charge applies. We may reduce or withdraw this concession but will give you three months notice before we do.

The limit on any extra payments you can make each year before the charge applies is 10% of the mortgage balance outstanding on 1st January each year. This means you can pay up to 10% of your mortgage balance before incurring the charge, unless you go on to repay or change the rest of the loan within the next six months. The charge varies, depending on how long you have left on your mortgage deal.

As you can see, there can be different results if you make a lump-sum overpayment - so it's always best to contact us to let us know what you want to happen.

Find out more about early repayment charges

More information on making extra payments and how you can do this can be found on our Mortgage Overpayment page.

If there's a delay between repaying your current mortgage and taking out a new one on a new property, then you will have to pay any early repayment charge but in certain circumstances it may be refunded once your new mortgage starts.

If you move and want to take your mortgage deal with you, but your new mortgage is for a smaller amount, any early repayment charge that you have to pay will be based on the difference between the two mortgages.

If you're borrowing less and there's a delay between repaying the current mortgage and taking out the new one, the paragraph above - 'If there's a delay in your move' - applies, but the amount refunded will be calculated proportionately.

If your mortgage began before 1 November 2008, a different policy may apply, please call our Helpline on 0345 835 3380 for details.