Variable rates are the interest rates that we charge for our mortgages when your fixed or tracker deal comes to an end.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The Homeowner Variable Rate (HVR) is currently 3.59%. (Rate applies to existing customers from 18 April 2020)
The Homeowner Variable Rate is relevant to all new TSB mortgages, except for
buy-to-let mortgages. This is the rate that will apply when your initial deal period ends, if you applied for a mortgage deal on or after 1 June 2010.
If you applied for a mortgage before this date, your mortgage will move on to the Standard Variable Mortgage Rate.
The Buy-to-Let Variable Rate (BTLVR) is currently 4.44%. (Rate applies to existing customers from 18 April 2020)
The Buy-to-Let Variable Rate (BTLVR) is relevant to all new TSB buy-to-let mortgages. This is the rate that will apply when your initial deal period ends, if you applied for a buy-to-let mortgage deal on or after 1 June 2010.
If you applied for a buy-to-let mortgage before this date, your mortgage will move on to the Standard Variable Mortgage Rate.
The Standard Variable Mortgage Rate is currently 2.10%. (Rate applies to existing customers from 18 April 2020)
If you are currently on a fixed rate or tracker mortgage applied for before 1 June 2010, then when your deal ends your interest rate will switch to the Standard Variable Mortgage Rate, which could be higher or lower than the rate you have been paying and may vary over the remaining term of your mortgage.
If the Standard Variable Mortgage Rate is available to you at the end of your deal, you can choose not to move on to it but to switch to a new deal instead. If you decide to transfer, once that new deal ends you will go on to either the Homeowner Variable Rate or Buy-to-Let Variable Rate depending on the mortgage you take out, and it will not be possible for you to return to the Standard Variable Mortgage Rate in the future.
The Standard Variable Mortgage Rate only applies at the natural end of a fixed-rate, tracker or other special deal period - not if you come off a deal early. If you applied for a mortgage on or after 1 June 2010, different variable rates will apply.
If a change in the base rate means that the Standard Variable Mortgage Rate needs to change in order to fulfil the guarantee, then it will be changed within 30 days of the change to the base rate. This guarantee does not apply to the Homeowner Variable Rate or the Buy-to-Let Variable Rate.
Interest on all new mortgages is worked out on a daily basis.
It is calculated using the balance outstanding each day and then added to the mortgage at the end of each month.
Daily interest is usually better because each payment you make reduces the balance on which interest is paid from that day, rather than the end of the month or year.
If you already have a mortgage with us and are moving home or applying to borrow more, it may be that, currently, interest on your existing mortgage is calculated annually. If this is the case, we will change it to daily interest when your new mortgage or loan starts so that interest on your whole mortgage will then be calculated daily.
Even if you're not moving or borrowing more, if your interest is calculated annually, you can ask us to calculate it on a daily basis instead.
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