Moving home

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.

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

Buying your first home? Find out about our deals for first time buyers.

Help with moving home

You've made the decision to move but there are still lots of things to think about - from searching for your new home to working out how much you can afford to spend and what sort of mortgage will suit you best. We've put together a simple guide to help you.

Read our home movers guide

Environmental Impact

At TSB we are very mindful of the environmental impact of moving home and how it affects carbon dioxide (CO2) emissions. For every residential house move that we provide a mortgage for, we pledge to plant a tree to help offset the carbon footprint of the move.  To find out more you can visit www.eforests.co.uk/tsb.

Buildings insurance

Don't forget buildings cover before you exchange contracts.

If your home has five bedrooms or less, our new Pick and Protect home insurance covers unlimited repair or rebuild costs.

Our Buildings Cover has been given a 5 Star Rating by Defaqto (that's the best rating you can get).

Brought to you by TSB Bank plc and underwritten by Aviva Insurance Ltd.  T&C's apply.

home-buildings-insurance-defaqto-5-2019

Find out more

How to apply

If you are a first time buyer, home mover or looking to remortgage, you can apply for a mortgage promise

Subject to status and lending criteria

Apply at a branch

Find out what to take along
 

Call us
8am-8pm Monday to Friday 
9am-2pm Saturday

0800 056 1088

Ask us to call you

Mortgage calculator

Get an indication of how much your mortgage repayments will be.

Mortgage calculator

Mortgage deals for home movers

2 year fixed rate

Your payments will stay the same each month for the agreed period with a 2 year fixed rate.

View details and start application

5 year fixed rate

Your payments will stay the same each month for the agreed period with a 5 year fixed rate.

View details and start application

10 year fixed rate

After your first payment, your regular payments will stay the same each month for the agreed period with a 10 year fixed rate.

View details and start application

5 year Fix and Flex

The five year fixed rate mortgage you're free to leave after three.

Could help you manage your repayments in the long-run, without the long-term tie-in.

View details and start application

10 year Fix and Flex

The ten year fixed rate mortgage you're free to leave after five.

Could help you manage your repayments in the long-run, without the long-term tie-in.

View details and start application

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 your home has five bedrooms or less, our new Pick and Protect home insurance covers unlimited repair or rebuild costs.

Mortgage types explained

When you apply for a mortgage, you'll be able to choose from several different types of deals. Most lenders offer a range of options on their mortgages, including a fixed rate mortgage or a tracker rate mortgage.

What is a 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.

Mortgages FAQs

What is a 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.

Did you know:

  • Only your retirement income will be considered if you want your mortgage to go past your planned or state retirement age
  • 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 and the ability to undertake either an Automated or Desktop Valuation whilst it is not possible for valuers to gain access to properties

How to apply

We need to talk you through your mortgage application, but you can save time by starting the process online. It'll take about 20 minutes, and then one of our mortgage experts will call you back at a time to suit you to complete the process. Or you can call us and speak to an advisor directly, or book an appointment to see one of our advisors at your nearest branch.

You'll need to have the following details to hand:

  • Your last three months' payslips
  • Your last three months' bank statements if you want any other income to be considered (for example rental or investments), and as a reminder of your outgoings
  • If you already have an existing mortgage elsewhere, your last year's mortgage statements
  • Your address for the last three years
  • Details of any loans you currently hold, including student loans and car payments

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

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