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
Tracker-rate funds are limited and these mortgage deals can be withdrawn at any time.
Please check the date the tracker rate is valid 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 tracker 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.
