What type of mortgages do TSB offer?

TSB offer a range of mortgages aimed at the following types of customer:

• First-time buyers
• Buy-to-let landlords
• Homemovers
• Remortgaging homeowners

There are exclusive products available for existing customers, people who are purchasing a green property or making eco-friendly home improvements, and those who are applying through a government scheme, such as Shared Ownership or Right to Buy.

Their range features 2, 3 and 5-year fixed rate mortgages as well as 2-year trackers. There are also 10-year fixes for product transfer and additional borrowing customers.

Interest-only mortgages

TSB offer interest-only as a repayment option as long as the borrower can evidence an acceptable repayment vehicle during the application process.

Repayment vehicles they will approve include: 

• Investment ISAs
• Unit Trusts or an OEIC
• Investment bonds
• Stocks and shares

Borrowers can use a combination of different repayment vehicles if they have investments that are spread around, or would struggle to settle the debt with just one.

Lending criteria

The lending criteria for a residential mortgage from TSB is as follows:

• Deposit requirements: Start at 5% of the property’s value but superior rates and deals are available for borrowers who can put down extra.
• Credit history: Will lend to borrowers with some forms of bad credit on their file, such as county court judgements or missed payments, but the most severe issues, including bankruptcies and IVAs, need to have been settled for at least six years.
• Age: The maximum age borrowers can be at the beginning of a TSB mortgage application is 70, or 75 if they are declaring pension income.
• Employment history: Self-employed mortgage applicants will need at least two years’ accounts for the affordability assessment. There are no minimum employment history requirements for applicants in full-time job roles.

What mortgage rates are available?

TSB’s mortgage rates are generally competative with other high street banks and lower than that of specialist lenders, but the quality of the deal you are offered will depend on your LTV, the strength of your application and the type of product you choose.

Examples of their latest rates at the time of writing (October 2024) are as follows:

• Three-year fixed rates: Starting from 1.39% at 0-60% LTV for home movers and remortgage borrowers. 
• 10-year fixed rates: Starting from 2.34% at 0-60% LTV for home movers and remortgage borrowers. 
• Two-year fixed rate: 3.99% at 90-95% LTV for home movers. 
• Three-year fixes for first-time buyers, home movers, and remortgage borrowers: Starting from 4.75% with a £495 fee. 
• Homeowner Variable Rate (HVR): 8.49% for existing customers: This rate applies to all new TSB mortgages except for buy-to-let and first time buyer mortgages.

How much will TSB let you borrow?

TSB cap their maximum mortgage lending at between 4.25 times annual income and 4.75 times annual income. Their maximum loan amount for a residential mortgage is £1 million.

Does TSB have good reviews for its mortgage services?

TSB currently holds an average rating of 4.3/5 on TrustPilot for all of its products and services. This score is based on feedback from almost 25,000 customers.

The lender also has an average rating of 5/5 on YesCanDo Money, based on 846 reviews, and 3.8/5 based on 15 reviews from users on Smart Money People.

Pros and cons

The table below highlights the main advantages and disadvantages of TSB as a mortgage lender to give you an idea of whether they are right for you:

Compare TSB’s mortgage rates and deals today

We offer a free service that allows you to compare the latest mortgage rates from TSB with other lenders from across the market, and choose the deal you want in real time.

Follow the steps below to browse up-to-date rates and choose your mortgage online:

Get started here: Then select whether you are looking for a two-year fixed-rate mortgage to buy a property or for remortgage purposes.

Specify the purpose of the property: You can compare two-year fixed-rate mortgages for residential or buy-to-let purposes, as well as remortgages.

Choose your own mortgage: Finally, tell us what stage you are at in the process and you can compare rates from across the market and choose the deal you want.

After you have selected a mortgage deal, one of our mortgage brokers will check over your application before securing an agreement in principle for you. They will be on hand to offer bespoke advice, make sure you’re getting the best deal, and oversee your application.