TSB Mortgages

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Last updated on 09 November 2020.

TSB Mortgages FAQ

Who is TSB?

TSB is a retail and commercial bank with over 500 branches across the UK. In its current form, it was set up in 2013 when Lloyds TSB Scotland merged with a number of Lloyds TSB branches in England and Wales and all branches of Cheltenham and Gloucester. They joined forces to form TSB Bank Plc.

It offers the full range of personal finance products including bank accounts, credit cards, mortgage deals and loans. In 2015 the bank was taken over by Spanish banking group Sabadell.

What types of mortgages does TSB provide?

  • Two years tracker mortgages: Tracker mortgage deals follow the Bank of England base rate at a certain level for a fixed period. The Base Rate is set by the Bank of England and can move up or down. Taking out a tracker mortgage means that the interest rate you pay on your mortgage is only fixed as long as the base rate remains static. If it increases by 0.5 per cent, your interest rate increases by 0.5 per cent, for example.
  • Two year fixed rate mortgages: Two year fixed rate mortgages allow borrowers to sign up to a rate that stays the same for two years regardless of changes to the Bank of England base rate. After the two year period is up, the rate reverts back to the bank’s variable mortgage rate.
  • Five year fixed rate mortgages: This type of mortgage is the same as a two year fixed rate, but the rate is fixed for five years. As a result, the rate is usually slightly higher than the two year fixed rate.
  • Ten year fixed rate mortgages: The ten year fixed rate mortgage offers borrowers the chance to fix their rate for ten years. The rate will not be as favourable as the five or two year fixed rate as it offers more long-term certainty for borrowers.
  • Fix and Flex Mortgages: TSB’s Fix and Flex Mortgages allow borrowers to fix their rate for up to ten years while having the option to switch after just five.
  • Buy-to-let mortgages: TSB’s Fix and Flex Mortgages allow borrowers to fix their rate for up to ten years while having the option to switch after just five.

How do I apply for a TSB mortgage?

You can begin your application for a TSB mortgage online; in a branch, by speaking to a mortgage advisor; or over the phone. After receiving an offer in principle you will be asked to complete a full application with in-depth questions about your purchase and your financial situation. Once your application is processed, TSB will value your property and, if all is well, you will then receive your mortgage offer.

Services offered by this provider may change over time. Always check Ts&Cs.

NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.

Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ

Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE