Our frequently asked questions page will help you find the information you need about your TSB mortgage.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Some of our mortgages carry a charge if you repay all or part of your mortgage in the early years or transfer to a different mortgage - these are called early repayment charges.
If you want to pay off part of your mortgage or make overpayments where there is an early repayment charge, as a current concession you can repay up to 10% of your mortgage balance each year without having to pay the charge.
The 10% is calculated using the balance as at 1 January of the year in which you make the repayment.
If you repay up to 10% and then repay the remainder of the loan in full within six months, the early repayment charge will also be charged on the 10% you initially repaid.
The 10% overpayments limit is a concession and could be withdrawn on giving three months notice.
Where there is no early repayment charge period or it has expired you can repay the loan in full or in part whenever you want.
Your mortgage will move onto the Standard Variable Mortgage Rate if you applied for a mortgage before 1 June 2010.
If you originally applied for your mortgage after 1 June 2010, at the end of your deal your interest rate will automatically change to the Homeowner Variable Rate or if you have a buy-to-let mortgage it will switch to the Buy-to-Let Variable Rate.
When you move onto either of the above variable rates, it could be higher or lower than the rate you have been paying and may vary over the remaining term of your mortgage.
Before your current deal ends we'll write to you with your new payment details based on your mortgage changing to the relevant variable rate. However, interest rates can change. If you stay on the relevant variable rate after your deal ends, we'll write to you again to confirm any changes in your payments.
In certain circumstances, and if your mortgage is up-to-date, you can pay less than the full monthly mortgage payment that is due, or even suspend your payments for a short time, although you would need to pay a charge. If you would like to know more about taking a payment holiday or an instalment break, see further information about payment flexibility.
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.
Tell us as soon as possible if you are having problems repaying your mortgage or think that you might experience problems shortly.
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.
Bank of England Base Rates
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.
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.
If there's a delay between repaying your current mortgage and taking out a new one on a new property, then you will have to pay any early repayment charge but in certain circumstances it may be refunded once your new mortgage starts.
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.
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