Remortgage to TSB

Remortgaging is the same thing as switching your mortgage provider. It’s the term used for when you move the mortgage on your current home from your existing lender to a new lender.

You can also remortgage with the same lender by getting a new mortgage deal – for example, getting a new fixed term as your old term comes to an end. 

With TSB, it could be free to remortgage if your property is valued at less than £1 million. We offer free valuation and free legals as part of our remortgage process, and we don’t charge for advice either.

There are some cases where you may need to pay a fee, for example:

• If you don’t qualify for our free legal work
• You want to borrow more than £1 million
• You choose a product with a fee (you can check in our product guide)
• If you’re leaving a mortgage deal early, your current lender may charge an exit fee.

Here’s a detailed breakdown of potential remortgaging costs:

• Early repayment charges – these may apply if you want to end/exit your current mortgage arrangement early. These are typically 1 - 5% of the total mortgage amount
• Exit/redemption fee – some lenders may charge a set fee when you remortgage
• Booking fee – this is typically an upfront cost you’ll pay to reserve a mortgage deal. TSB does not charge a booking fee
• Product fee – some mortgage products may have a product fee to give you a lower interest rate. Our Mortgage Advisers will discuss your needs to recommend the best product for you
• Valuation fee – some lenders charge a fee to check how much your property is worth, this can range between £150 and £1,500. At TSB, we offer free valuations for remortgages under £1 million.
• Legal fees – some lenders charge fees on remortgaging legal work. The cost depends on things like the value of your home, any changes to your current mortgage, or if you want to add another party. At TSB, we offer free standard legal work on remortgages under £1 million. 

After the remortgage application is submitted, you’ll get a mortgage offer within 10 working days. This is subject to verification and successful property valuation. Your conveyancer will then aim to complete the legal work within 4 – 6 weeks, however this can be longer if additional queries are raised.

Our remortgage products include standard free legals if your property value is less than £1 million, and we’ll arrange a conveyancer for you.

If you’d rather use your own solicitor, or you don’t qualify for our free legal service, then your qualified mortgage adviser will talk you through the next steps.

To get an idea of how much you could afford to borrow, use our mortgage calculator. It’ll show you how much we’re likely to lend you and what your monthly repayments might be.

You can apply for additional borrowing up to 85% of your home’s value, subject to affordability and criteria.

We’ll consider additional borrowing for things like home improvements, debt consolidation, or raising money for another property. If you’re not sure whether you can apply for additional borrowing to meet your needs, please speak to us.

If you want to move home before your mortgage deal has ended, then you can apply to take your mortgage product with you to a new property. This is subject to a new application, so if you're thinking of moving home, request a call back from one of our mortgage experts.

Yes, you can remortgage at any time. However, you may have to pay fees if your current mortgage has an early repayment charge.

Yes, this is process is called a ‘transfer of equity’ and you can add another party subject to criteria and status.

To do this, you’ll need to apply to the lender first and work with a solicitor to process the legal work and transfer the property into the new names/remove a name.

If you're adding or removing a party as part of your remortgage, you can still qualify for free standard legal work if a transfer of equity is done as part of the remortgage process with TSB. But you’ll need to pay an extra fee for this service. The cost for a transfer of equity is typically around £300 payable to your solicitor.