Mortgage FAQs for existing customers

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It's easy for existing mortgage customers to transfer to a new deal. You can request an illustration, either online, by calling us or visiting your local branch.

More information about our transfer deals

Whether you're looking to borrow more on your existing mortgage for home improvements or a special purchase, we've a range of products available for you.
When applying for additional borrowing, keep in mind:

• £10,000 is the minimum amount you can borrow. If you need to borrow less, there are other borrowing option available
• Borrow up to 85% of the value of your property, including your existing mortgage and additional borrowing - 75% if you have an interest-only mortgage
• You must have had your current TSB mortgage for more than 6 months
• Your payments must be up-to-date before you apply
• Our mortgage adviser can recommend a loan that suits your needs and circumstances, and explain how it may change your monthly payments

If your existing mortgage is on an interest-only basis, you can apply to change it to a repayment basis at any time. If it's set up on a repayment basis, you can only switch it to interest-only if your total mortgage amount is 75% or less of your property's value, and you provide evidence of an acceptable repayment plan. See our list of acceptable repayment plans. If you'd like to go ahead with your request, call 0345 835 3380 and choose option 2.

If your existing mortgage is set up on a repayment basis, you can normally only switch to interest only if your mortgage totals 75% or less of your property's value and you have an adequate repayment plan in place. However, if you are ever facing financial difficulties and, as a way of temporarily reducing your mortgage payments, you want to discuss just paying the interest each month for a while on a mortgage that totals more than 75%, please get in touch. Find out more about how we could help if you're facing financial difficulty.

If you move home, you may be able to take the terms of your current mortgage deal with you. This could be so you:

Taking your current deal with you means that, when you repay the mortgage on your current home to move, you take out a new mortgage on your new home for at least the same amount.

In other words, any fixed rate or tracker would continue to apply for the remainder of the original deal period; and, if there's an early repayment charge on your mortgage, you won't have to pay it. The charge would still apply though if, after you'd moved, you subsequently repaid the mortgage (or more than 10% of it) while you were still benefiting from the fixed rate or tracker.

One-off lump sums

You can pay part of your mortgage whenever you want. They are known as lump-sum overpayments. When you make a payment, your mortgage balance will be reduced on the day we receive the money, and you'll start to be charged less interest. Then, because your balance is lower, you can either:

If you make a lump-sum overpayment, it can't normally be refunded at a later date.

Important

An early repayment charges applies on some mortgages. You may have to pay an early repayment charge if, during your early repayment charge period, you repay more than a certain amount of your mortgage or switch to a new mortgage deal. As a current concession you can make, each year, extra payments of up to 10% of the mortgage balance (as at 1st January) before a charge applies. We may reduce or withdraw this concession but will give you three months notice before we do.

The limit on any extra payments you can make each year before the charge applies is 10% of the mortgage balance outstanding on 1st January each year. This means you can pay up to 10% of your mortgage balance before incurring the charge, unless you go on to repay or change the rest of the loan within the next six months. The charge varies, depending on how long you have left on your mortgage deal.

As you can see, there can be different results if you make a lump-sum overpayment - so it's always best to contact us to let us know what you want to happen.

Find out more about early repayment charges

More information on making extra payments and how you can do this can be found on our Mortgage Overpayment page.

If you move and want to take your mortgage deal with you, but your new mortgage is for a smaller amount, any early repayment charge that you have to pay will be based on the difference between the two mortgages.

If you're borrowing less and there's a delay between repaying the current mortgage and taking out the new one, the paragraph above - 'If there's a delay in your move' - applies, but the amount refunded will be calculated proportionately.

If your mortgage began before 1 November 2008, a different policy may apply, please call our Helpline on 0345 835 3380 for details.