Moving home is an exciting time and we want to ensure the mortgage aspect is as straightforward as possible so you can focus on the good bits. We have a wide range of mortgages, so whatever stage you're at we could help you find a TSB mortgage to suit you.
Help with moving home
Environmental Impact
Buying your first home? Find out about our deals for first time buyers.
Our mortgage rates
Our mortgage calculator makes it easy to quickly compare mortgage rates. Enter some details about your home to see what mortgage rates we could offer you.
Or, to see all our current rates, download our buy to let deals document.
Types of mortgages
There are various types of mortgages, such as a fixed-rate or tracker-rate mortgage. You can read below to find out about these. At TSB we offer both fixed rate and tracker rate buy-to-let mortgages.
Fixed-rate mortgage
Your interest rate will stay the same for a set period. Many lenders offer fixed rates for two, three or five years, sometimes longer. The benefit of a fixed-rate mortgage is that it helps you to budget more easily, because your interest rate will stay the same for the length of the deal. Early repayment charges will almost always apply if you switch away from the mortgage before the fixed-rate period ends.
Tracker rate mortgage
With this type of mortgage, the interest rate tracks a rate that is outside the control of the lender, such as the Bank of England bank rate (also known as the base rate). Every time that rate goes up or down, so does the interest rate on your mortgage. Naturally, you will be better off whenever the interest rates drop and your monthly payments will be less. But, you should make sure your budget will allow you to make higher monthly payments if interest rates were to go back up. Early repayment charges will sometimes apply if you switch away from the mortgage before the tracker deal period ends.
What you need to apply
How to apply
Get a mortgage in principle
Fill out your details online in as little as 10 minutes, then our mortgage experts will give you a call to discuss your mortgage.
How to apply
Speak to an adviser
Request a call from our Mortgage Experts over the phone, video chat, or face to face.
Alternatively you can call us on 0800 056 1088
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Home insurance
Now could be a good time to check that your home insurance covers everything it needs to. We offer two levels of cover for home insurance, so you can choose one that’s right for you.
Online mortgage events
Our free, online mortgage events offer expert guidance, whether you want additional borrowing or you’re just looking to remortgage your home.
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Planning ahead will help you make progress towards your goals and show lenders that you are prepared, which could make it easier for you to get a mortgage.
Unless you've sorted out your home-buying fund, you will need to start saving, cut down on any borrowing and make sure your credit record is as good as possible.
Build up a solid savings balance:
Mortgage lenders now require a deposit, usually a minimum of 5% of the property price. The more money you can put in as a deposit, the better the mortgage deal you can get. This could mean a lower interest rate.
Reduce your debts:
Most lenders work out how much you can borrow based on your outgoings as well as your income, so it's worth looking at any existing credit agreements you have to see if these can be repaid before applying for the mortgage.
Improve your credit rating:
Your credit rating can have an effect on the mortgage rates available to you. If your rating isn't good, you should take steps now to improve it. Here are some ways you can do this:
- Be on the electoral register
- Keep up to date with payments on loans and credit cards
- Check your credit rating with a credit rating agency such as Experian and Equifax to make sure it's accurate
- Remember, any missed or late payments will be reflected on your credit report and could stay there for years, so be sure to keep paying on time, even if it's just the minimum amount. Also make sure you cancel any unused store cards, credit cards and bank accounts
What can you afford?
The checklist below is quick and easy way to help you work out how much you can afford to spend on your mortgage each month. Subtract your total spending from your total income and the amount left over might give you some idea of how much you could afford for your monthly mortgage payment.
Total - What you earn each month
Minus - What you spend on household commitments each month
Minus - Your everyday spending each month
Minus - Your occasional spending on things like holidays
Total available to spend on your mortgage each month
Extra costs when buying a home:
Moving home is expensive and there are costs that we often forget but could have a real impact on your decisions. You can make things easier by budgeting for them.
Deposit:
You'll need a deposit, usually a minimum of 10% of the property price. Generally the bigger the deposit you have, the better the mortgage deal you can get. This could mean a lower interest rate. So the sooner you can start saving the better. Get started by opening a separate savings account and setting up a monthly standing order.
Arrangement fees:
Many lenders charge an up-front fee for setting up a mortgage.
Mortgage Product Fees:
Most lenders have a selection of mortgages with a product fee on certain deals.
Mortgage valuation:
Most lenders charge a fee for having the property you're buying valued.
Legal searches and fees:
You'll need a solicitor or licensed conveyancer to take care of the legal details.
Higher Lending Charge
If you're borrowing a high percentage of the value of the property, the lender may charge a fee to take out insurance cover. This protects them in case you can't pay back your loan and they have to sell your house at a loss.
Stamp duty
This is a tax on buying property. You can calculate stamp duty based the jurisdiction where the property is located by following the applicable link below.
England and Northern Ireland: Stamp Duty Land Tax
Scotland: Land and Buildings Transaction Tax
Wales: Land Transaction Tax
Removal costs
You may be happy to hire a van and move things yourself. A removals firm will cost more but can make the whole process much less stressful.
Estate agent's fees
If you're also selling a house and decide to use an estate agent, they'll charge commission on the price your house sells for.
Buildings insurance
Don't forget buildings cover before you exchange contracts.
- If you want your mortgage to continue past your planned retirement age, or the age of 70, we may only consider your retirement income.
- You can apply for a mortgage on your own or for a joint mortgage with a partner or friends
- You will usually need at least a 5% deposit, although you will need a 15% deposit if you're buying a new build property - that means one that was first occupied less than 6 months ago
- Lending Limits are subject to the availability of suitable products at any given time
Important information
Lending is subject to status and lending criteria, UK resident and 18+.
We've signed up to The Standards of Lending Practice: www.lendingstandardsboard.org.uk.
TSB Essential and Enhanced home insurance is brought to you by TSB Bank plc and underwritten by Aviva Insurance Limited. Applications must be UK residents & aged 18+. Aviva Insurance Limited Registered in Scotland, No. 2116. Registered Office: Pitheavlis, Perth, PH2 0NH. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
