Timing is everything when it comes to remortgaging. If you leave it too late, you will fall onto your TSB standard variable rate. If you start your TSB remortgage early, you may be subjected to the TSB early repayment charge.
As such, it is advisable to begin the remortgage process when your existing TSB mortgage deal is about to come to an end. By doing so, you will avoid repayment charges and the variable rate.
There are many banks and building societies to consider when looking for a good remortgage deal so shopping around could save you a serious amount of money!
TSB Remortgage
One of the 90+ UK mortgage lenders is the TSB but how long does it take to complete a TSB remortgage?
The average time it takes for a TSB remortgage will be between 6-8 weeks. As with most mortgage lenders, the amount of time it takes to process the application and secure any TSB mortgage rates depends on the complexity of the mortgage application.
You can speed up the mortgage process by having all the documentation ready for your mortgage application, as listed below.
What paperwork will I need for a TSB Remortgage?
When making a TSB mortgage application, you will need the following documentation to hand.
- Your last three month’s payslips for details of your income
- Your company accounts (if you are self-employed and getting a mortgage)
- An SA302 Tax Calculation Form (if you are self-employed)
- Your last three month’s bank statements as evidence of your outgoings and for details of any extra income you want to be considered in your application
- Your last year’s mortgage statements if you have a mortgage with another lender
- Documentation detailing your address for the last three years
- Details of any loans you currently hold, including student loans and car payments
We chase lenders to get applications processed quickly
Getting a TSB mortgage in principle
The first stage of getting a TSB mortgage is to get a TSB mortgage in principle. The great news is once you have received the TSB mortgage in principle your mortgage is guaranteed as long as what you have told them is all correct.
How do I complete a TSB mortgage application?
If you are looking for a TSB remortgage, you can apply online. Visit the ‘ TSB remortgaging’ page on the TSB website and then click on the tab that reads ‘Start your application online.’
Before starting your mortgage application, make sure you have the relevant documentation to hand (as listed above). After you have started your application, a qualified TSB mortgage advisor will give you a call to talk through your details.
Alternatively, get in touch with our mortgage team. We will discuss your mortgage needs and options with you and then complete your TSB mortgage application on your behalf if we think they are right for your personal circumstances.
What remortgage products are available with the TSB mortgages?
At the time of writing, the following remortgage products are being advertised on the TSB website.
- 2-year fixed rate
- 5-year fixed rate
- 10-year fixed rate
- 2-year tracker rate
TSB mortgages are very competitive but your chances of mortgage approval are subject to status and lending criteria.
There could be better mortgage interest rates and deals on the market so talk to us about the tracker and fixed rates we consider to be the best on the mortgage market before you make an application.
When can I remortgage with the TSB?
You can remortgage anytime but to avoid the early repayment charges set by your current lender, it is advisable to begin the remortgage process about 3 months before your existing deal ends. This will give you enough time to make the application and to consider the mortgage offer that TSB makes to you.
If you leave the remortgage process too late (i.e. after your existing fixed-rate mortgage ends) you will end up on your current lender’s standard variable rate. This will usually mean an increase in your monthly payments as the rate of interest will typically be at least 2% higher than the rate you are currently paying.
If you are currently with TSB bank plc and you want to switch to a new mortgage deal with them, you won’t have the burden of early repayment charges. But it’s still important to contact them about your decision to move mortgages before you fall onto TSB’s homeowner variable rate.
TSB Early Repayment Charges (ERCs)
| Fixed Rate Deal Period - (TSB Early Repayment Charges) | |||||
|---|---|---|---|---|---|
| 2 year fixed | 5 year fixed | 10 year fixed | |||
| Year 1 | 2% | 5% | 6% | ||
| Year 2 | 1% | 4% | 6% | ||
| Year 3 | 3% | 6% | |||
| Year 4 | 2% | 6% | |||
| Year 5 | 1% | 6% | |||
| Year 6 | 5% | ||||
| Year 7 | 4% | ||||
| Year 8 | 3% | ||||
| Year 9 | 2% | ||||
| Year 10 | 1% | ||||
The TSB ERCs criteria above apply for their First time buyer and home mover products and remortgages.
Residential – No ERC’s on 2 year tracker products
This information is correct and true as of the 5th of December 2022. These charges are applicable on new mortgages with the lender and could be different for existing/historical mortgages.
How do I know when my TSB mortgage ends?
If you already have a TSB mortgage, they should contact you around 90 days before the end of your mortgage term. You should also be able to find out the end date on your mortgage on your TSB account page and the paperwork that detailed your mortgage offer.
If you are unable to find the details you need, contact TSB and they will let you know the end date of your mortgage term and give you the up-to-date balance on your account.
You can remortgage before your existing term ends but if you decide to switch from the TSB to another lender, you may be subjected to TSB’s early repayment charge.
Does the TSB website have a mortgage affordability calculator?
Yes! If you want to know how much TSB may be willing to let you borrow and how much the monthly payment on your mortgage might be, you can use their mortgage calculator.
As your home may be repossessed if you don’t keep up repayments on your mortgage, it’s worth using their calculator to find out what the typical monthly payment might be before you make a mortgage application. By doing so, you will know whether or not you can afford the TSB mortgage deals on offer.
The calculated monthly payments will be estimates as they won’t take into account any mortgage fees and charges that may be incurred when you take out a TSB mortgage.
As your TSB mortgage offer will also depend on your financial circumstances, your monthly repayments could be higher or lower than the figures presented by the calculator.
But while you might not get an accurate figure, it is still advisable to use the calculator to get an idea of TSB’s current mortgage rate and your affordability.
Does TSB have the best interest rate?
Currently, TSB mortgage rates* range from 3.44% to 3.74% depending on whether you’re a first-time buyer, home mover, or remortgager. For an up-to-date figure on the TSB mortgage, you are considering, you should look at their website.
* These are not reflective of TSB’s variable rate.
Before you make your TSB mortgage application, you should compare the interest rate on TSB mortgages with the rate being offered on mortgage deals from other lenders. This will give you the opportunity to see whether the rate of interest on TSB mortgages is the best on the market.
To ensure you can keep up repayments on your mortgage, it is advisable to choose a lender that offers you a loan-to-value mortgage you can afford.
The loan-to-value deals offered to you will depend on the size of your deposit, your credit history, the property value of the house you are considering, and a range of other factors.
To make sure you get the right mortgage, contact a mortgage broker such as ourselves.
We will look at the mortgage rates being offered from both high street and online lenders and will advise you on the deals that are right for your financial circumstances. After choosing a deal for your mortgage, we will then complete your mortgage application on your behalf. If you are currently with the TSB, we advise you to contact us before you fall onto TSB’s homeowner variable rate. we look after you from the first call right through to when the mortgage completes.
Remortgaging isn’t always a straightforward process as you need to choose the right deal and mortgage lender before you make the switch. You also need to remortgage at the right time so as to avoid an early repayment charge or your mortgage lender’s standard variable rate.
Fortunately, you can get help with your remortgage from a mortgage broker. They will compare the mortgage market on your behalf, including the 2 and 5-year fixed rate deals that are currently available to remortgage customers, and will advise you accordingly.
I have a TSB buy to let mortgage
If you have a TSB buy to let mortgage then the advice is exactly the same as an HSBC remortgage which is a TSB residential mortgage. It is our experience and we have many examples as a whole of market mortgage brokers that the TSB buy to let mortgage rates are not very competitive as they do not specialise in Buy to Let mortgages.
This is good news for you! YesCanDo has 25 years of experience in saving clients considerable savings by finding them far lower interest rates. Talk to one of our mortgage advisers today and see if you can save money too!
We chase lenders to get applications processed quickly
Introducing the FEE-FREE mortgage broker
As a mortgage broker that has been established for over 4 decades, we are very experienced with TSB remortgages and therefore have a track record of being able to get TSB remortgages completed quicker than the industry standard of 8 weeks.
YesCanDo Money is a fee-free mortgage broker so you won’t be subjected to the fees that another mortgage broker might charge you.
We are here to help you with your TSB mortgage application so can make your life easier if you do decide to switch to a TSB mortgage deal.
We will also compare all the other mortgage deals that are out there and will advise you on the mortgage lenders that are offering the most competitive mortgage rates. If we think TSB mortgage rates are the best for you, we will handle every aspect of your TSB mortgage application. But if we find another mortgage lender with more affordable interest rates, we will recommend them to you.
If you want to talk to us about a new mortgage, call us today, get in touch using WhatsApp, or request a call back from one of our mortgage advisers by completing our website contact form. We will arrange a convenient time to discuss your mortgage needs with you and should you decide to use our mortgage services, we will support you throughout your mortgage journey.
