Two year fixed rate mortgages for existing Residential customers looking for additional borrowing

If you already have a mortgage with us you could apply to borrow more to cover the costs of a purchase such as a car, or home improvements.

Fixed rate mortgages have monthly payments that do not change during a set time. This could help you to budget, as repayments will not go up or down. 

You can view your mortgage account online with our mobile app and with Internet Banking.

Early Repayment Charges apply

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

You can apply:

  • If it's been at least six months since you took out your mortgage
  • If your existing mortgage and further borrowing amount added together totals no more than 85% of the value of your home
  • For borrowing on an interest-only basis if your existing mortgage and further borrowing totals no more than 75% of your home's value
  • If the amount you'd like to borrow is at least £10,000.

 

We'll take a look at your circumstances and let you know whether additional borrowing is suitable for you.

If any of your existing debt is on an interest-only basis you will need to provide us with evidence of your repayment plan(s), even if your additional borrowing is to be managed on a repayment basis. We will make an assessment of whether the repayment plan(s) meets our requirements. This includes checking to see whether it is likely to repay the amount you borrow on an interest-only basis.

Important information

Before you apply

Fixed-rate funds are limited and these mortgage deals can be withdrawn at any time.

Please check the date the rate is fixed until as, depending on when your new loan starts, it may not be exactly 2 years - it may be slightly more or slightly less.

When you're getting additional borrowing with us:

  • The most you can borrow against the value of your home is 85% in total. This means that your current mortgage and additional borrowing amount added together cannot be more than 85% of your home's value.
  • If your additional borrowing takes the total amount above 75% of your home's value, all of the new amount must be on a repayment basis.

After your new loan starts

Within six months of your new loan starting:

  • You cannot change the term over which your mortgage is due to run.
  • If you decide to let your property, you must end the mortgage you've taken out, paying any early repayment charge that applies, and switch to one of our buy-to-let mortgages.
  • At the end of your fixed-rate period, the rate on your loan will switch to the Homeowner Variable Rate, which at that time, could be higher or lower than the rate you will have been paying and may vary over the remaining term of your mortgage.

Annual Percentage Rate of Charge (APRC)

APRC stands for Annual Percentage Rate of Charge and takes into account all the costs of a loan - giving you the overall cost for comparison. An APRC is calculated in a standard way to allow you to compare different mortgage offers, including those from other lenders. The APRC includes important factors such as:

  • The initial interest rate you must pay
  • How you repay the loan
  • The full length of the mortgage term
  • Frequency and timing of mortgage payments
  • Certain fees associated with the mortgage
  • It is important to remember that these APRCs are calculated using average figures so each individual loan will have slightly different APRC. The actual APRC that will apply to your mortgage will be calculated when you get a personalised quote.

Things to bear in mind

If a product fee applies, it can be added to your mortgage. No interest will be charged if you pay the fee within 30 days of your mortgage starting. If you choose not to pay the fee immediately, interest will be charged as part of your main mortgage, and this will affect your monthly payments.

Mortgage deals often change, so if you're returning to look at a product that you were interested in before, the pages shown are updated with the latest ones available.

These mortgages can be withdrawn at any time. Funds can only be reserved when we have your completed application.

TSB Bank tracks the Bank of England base rate.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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 existing residential deals document.

 

How to apply

Request a call back from a Mortgage Expert who can arrange a convenient time to discuss your mortgage needs, or you can get in touch via our live chat facility.

Find out what information you’ll need to have to hand

To talk to us about a new mortgage, call us on
0800 056 1088

Lines are open Monday to Friday 8am to 8pm and 9am to 2pm on Saturday.

Additional information

  • During the early repayment charge period you can repay up to 10% of the balance each year without the charge applying.

There are a number of one-off fees that may apply when you arrange a mortgage with us. Your TSB Mortgage Advisor will explain which apply to your mortgage.

Fee Cost Summary
Valuation fee Depends on your properly value See fees details based on your property value
 

Please visit our tariff of mortgage charges page for a full breakdown.

If you repay your mortgage (or more than 10% in any year) during the fixed rate period, an early repayment charge will apply. You can repay up to 10% of the balance (as at 1 January) each year and the charge will not apply (unless you go on to repay or change the rest of the loan within the next six months). 

For amounts above 10%, the charge will be a percentage of the amount repaid and varies depending on how long you have left on your fixed rate, as shown in the tables below.

Repayment period

Charge (% of amount repaid or changed)

Before 01/11/2024

2%

01/11/2024 – 31/10/2025

1%
 

Whether you can have a mortgage and the amount you can borrow will come down to what we think is a sensible amount to lend you and what we agree you can afford. To help us make a decision, we'll take a number of things into account.

Your income - you'll need to confirm this by showing us payslips, bank statements and/or HM Revenue and Customs documents.

Your outgoings - it's also important to think about your other financial commitments, and consider what effect future interest rate rises could have on your finances. This is to help guard against your mortgage becoming unmanageable. We will not agree a mortgage if there is any indication that you cannot afford it or keep up the payments.

Your age - you must be at least 18 years old to apply. Only your retirement income will be considered if you want your mortgage to go past your planned or state retirement age.

Records of previous loans or credit - we'll ask for your consent to search the information held about you and your financial arrangements held by credit reference agencies. This can include information passed on by banks and other financial service companies, as well as publicly available information such as the electoral roll. We'll use a credit reference agency and fraud prevention agencies to help assess your application.

The value of the property - limits apply to the maximum we will lend depending on the type of mortgage and property. This is detailed on the mortgage rate table above.

There are two ways to repay the money you have borrowed - on an interest-only or a repayment basis.

With an interest-only mortgage, you'll only pay the interest on your loan amount each month. At the end of the mortgage term - usually 25 years - you'll still owe the capital, which is the amount you initially borrowed, so you'll need to have a plan in place to pay this off at the end of the term.

With a repayment mortgage, each monthly repayment pays off part of the capital as well as the interest, so your mortgage will be repaid in full at the end, as long as you keep up the repayments.

The monthly payments for a repayment mortgage are higher than for an interest-only mortgage, but this doesn't mean that interest-only is a cheaper option or that it'll help you afford a bigger mortgage. You'll also need to have a way of paying back the capital, so this needs to be taken into account when you work out what you can afford.

You can repay your mortgage over a term that suits you - from 1 to 40 years - although we only usually consider a mortgage term that ends before you reach 75. If your loan carries an early repayment charge, you won't be able to choose a term that finishes before the early repayment charge period.

Within six months of your mortgage starting:

  • You can't apply to borrow more
  • You can't change the term over which your mortgage is due to run
  • If you decide to let your property, you must end the mortgage you've taken out, paying any early repayment charge that applies, and switch to one of our buy-to-let mortgages.

How to apply

Request a call back from a Mortgage Expert who can arrange a convenient time to discuss your mortgage needs, or you can get in touch via our live chat facility.

Find out what information you’ll need to have to hand

To talk to us about a new mortgage, call us on
0800 056 1088

Lines are open Monday to Friday 8am to 8pm and 9am to 2pm on Saturday.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.