TSB mortgage rates:
full table, transfer deals and the 7.24% HVR

Every TSB fixed rate reverts to the HVR at 7.24%, which is the same figure as Halifax's reversion rate and the joint highest of any lender on our tracker. TSB also carries an older Standard Variable Rate of 5.75% capped at 2 points above base rate, but it applies only to mortgages taken before June 2010, so for any deal written this decade the HVR is the number that matters. Current fixed periods run to 28 February 2029 on the 2-year products and 29 February 2032 on the 5-year, with a 10% annual overpayment allowance, and TSB pays £250 cashback on purchases of homes rated EPC A or B and £500 on any purchase at 85% LTV or above.

The fee arithmetic is tighter than at most big lenders. The fee-free 2-year at 60% LTV is 5.34% against 5.09% with the £995 fee, a 0.25 point gap that makes the fee pay for itself on loans above roughly £199,000, while on the 5-year the gap is 0.15 points and the fee earns its keep above about £133,000. The cheapest product on the sheet is the 2-year tracker at 4.44% at 60% LTV, base rate plus 0.69 points with a £995 fee and no early repayment charge, which only loses to the 2-year fix if base rate averages above 4.40% over the two years. Our loan to value calculator fixes the band first, because TSB's loan limits step down with LTV, £2,000,000 at 75% and below, £750,000 to 85%, £570,000 at 90% and above.

Are TSB mortgage rates going up or down?

Up, at the last five moves. TSB raised every fixed house purchase and remortgage rate by up to 0.25 points from 17 September 2026, raised its product transfer and additional borrowing fixed rates by up to 0.25 points from 23 September, raised its 2-year and 5-year transfer fixes again by up to 0.15 points from 1 October, raised selected house purchase and remortgage fixes by up to 0.15 points from 3 October, then raised selected transfer fixes again by up to 0.20 points from 7 October. Before that it cut fixed rates twice in June 2026, by up to 0.25 points on remortgages and up to 0.30 points on selected purchase fixes, raised fixed rates in late July, then repriced three times in five weeks with guides effective 6 August, 27 August and 8 September 2026, moving selected products in both directions.

The summer sequence tells you how TSB prices. Its June cuts followed the wider market down, a round our coverage of mortgage rate cuts in 2026 tracked lender by lender, and its late July rise followed swap rates back up. The August guides trimmed some ranges and lifted others in the same fortnight, which is why a single headline about TSB cutting or raising rates rarely describes the product you would actually take. The guide effective 15 October, which extends the fixed periods without changing any rate on this page and carries the 17 September and 3 October rises in the new business range and the 23 September, 1 October and 7 October rises in the transfer range, is the sheet behind the table on this page.

The Bank of England base rate was held at 3.75% on 17 September 2026, by six votes to three, and the next decision lands on 5 November 2026. The market-implied path points modestly higher into 2027 rather than lower, and our UK interest rate projection tracks that path around each decision. TSB prices its fixed range off swap rates and issues a new guide whenever it moves, roughly every two to three weeks this summer, which is why this page carries a checked date rather than any claim to be live.

If you would like TSB's current pricing set against the whole of market for your own case before the 5 November decision, call 01202 155992 or contact Mortgage One.

Who do TSB's lending criteria suit?

TSB suits straightforward employed borrowers, first-time buyers with a 5% deposit, day-rate contractors and remortgage cases wanting free legals. It lends to 95% LTV, to age 75 at the end of a repayment term over up to 40 years, and up to £2,000,000. Self-employed applicants need two years of finalised figures, interest-only is capped at 75% LTV and age 70.

TSB publishes no headline income multiple. Affordability runs through its calculator, so the answer varies with commitments and household size rather than sitting at a fixed 4.5 or 5.5 times, and our mortgage affordability calculator gives a first read before any lender is chosen. The clearest criteria are on income type. Day-rate contractors are assessed at the average day rate over the last 12 months times 5 days times 46 weeks, a formula that flatters a contractor with a full year of work. Self-employed applicants need two years of tax calculations and tax year overviews or an accountant's reference, TSB averages the two years where income has risen, and an application with less than two years of figures is declined automatically. Limited company directors are assessed on salary and dividends, with net profit only by referral.

First-time buyers get the 95% LTV range with £500 cashback and a free valuation, and gifted deposits from family are accepted, which the first-time buyer mortgage guide covers in full. The limits are at the margins: a repayment term into retirement needs evidence of pension contributions, lending into retirement is refused on any interest-only element, and interest-only itself stops at 75% LTV, age 70 and a 30-year term. Criteria change and every case has its own wrinkles, so treat this as a broker's-eye view rather than a promise on any individual application.

Existing TSB customers: the transfer rates now sit close to new business

Since 7 October TSB prices product transfers close to its new business range, a little above it on the 2-year and level with it or a little above it on the 5-year. At our check the transfer 2-year fixed at up to 60% LTV was 5.14% with a £995 fee against 5.09% for a new purchase, and the 5-year transfer was 5.14% against 5.09%. The window opens three months before the deal ends, with no credit or affordability check.

That still sits well apart from the model at Barclays, where switch rates sit up to 0.27 points above new business, and now matches Santander, which prices transfers at or below its remortgage range. Our Barclays mortgage rates and Santander mortgage rates pages set the two other models beside this one. The same pattern holds up the LTV scale: the 5-year transfer at 85% to 90% LTV was 5.44% against 5.44% for a new purchase. TSB also offers transfer products up to 120% LTV, so a borrower in negative equity can still leave the HVR for a fixed rate, and transfers are available on loans up to £7,500,000.

The catches are the window and the reversion. Three months is the shortest transfer window in this cluster, a month shorter than Halifax's four and Santander's four-plus, so a TSB borrower has less room to shop around before the deal lapses onto the HVR. At 7.24% against 5.14% on the 2-year transfer fix, a £200,000 balance left on the HVR costs about £4,200 a year more in interest than the switch would. Our Halifax mortgage rates page shows the same reversion figure with a longer window. The right order is to get the transfer offer from TSB, then price it against the whole of market, because a transfer rate within 0.05 points of a new business rate that started above the market can still leave a sharper deal elsewhere even after the cost of moving.

TSB 2 year or 5 year fixed: which is the better deal right now?

TSB's 2-year fixed rate starts at 5.09% at 60% LTV with a £995 fee, 5.19% at 75% and 5.49% at 90%, fixed to 28 February 2029. The 5-year fixed is 5.09%, 5.24% and 5.44%, so five years of certainty costs the same as two at 60% LTV, 0.05 points more at 75% and 0.05 points less at 90%.

TSB's curve now runs close to HSBC's, where 5-year money sits a few basis points above 2-year money at 60% and 75% LTV and below it at 90%, while Santander now prices 5-year money two basis points above 2-year money at 75% LTV and below it at 60% and 90%, and our HSBC mortgage rates page shows that shape band by band. The trade at TSB is the early repayment charge, which starts at 5% on the 5-year products and steps down to 2% in the final year against 2.5% then 1.5% on the 2-year, so a £250,000 5-year fix carries a £12,500 charge in year one for anyone who redeems in full or moves lender. The 10% overpayment allowance and porting sit outside the charge.

For a borrower who expects to stay put and wants the fee-free route, the 5-year at 60% LTV at 5.24% is the cleanest product on the sheet and beats the £995 version below about £133,000 of borrowing. For a borrower who might move or remortgage within two years, the 2-year tracker at 4.44% carries no early repayment charge at all, and TSB lets tracker customers move onto a fixed rate without penalty if the outlook turns. Our analysis of whether to fix now or wait weighs the timing.

Before you accept a TSB transfer offer, or for a free initial consultation on whether TSB fits your case at all, call 01202 155992 or contact Mortgage One.

Back to Rate Forecast and Economic Drivers

The information provided in this article is for general guidance only and does not constitute personal or regulated financial advice. If you'd like to understand what these moves could mean for you, speak to Mortgage One. We can explain your options and timings based on your specific circumstances.

FAQs

1. What are TSB mortgage rates today?

At our 21 October 2026 check, TSB's published house purchase rates started at 5.09% for a 2-year fixed and 5.09% for a 5-year fixed at 60% LTV with a £995 product fee, with fee-free versions at 5.34% and 5.24%, a 2-year tracker at 4.44% and the Homeowner Variable Rate at 7.24%. TSB reissued its rate guide six times between 6 August and 1 October 2026, raising every fixed house purchase and remortgage rate on 17 September and its product transfer rates on 23 September and 1 October, then raised selected house purchase and remortgage fixes on 3 October and selected transfer fixes on 7 October, so read every figure alongside its checked date.

2. What are TSB mortgage rates at the moment for existing customers?

TSB's product transfer rates now sit close to its new business range. At our check the transfer 2-year fixed at up to 60% LTV was 5.14% with a £995 fee against 5.09% for a new purchase, and the 5-year transfer was 5.14% against 5.09%. Transfers open three months before the deal ends with no credit or affordability check, and run up to 120% LTV.

3. Is a 2 year or 5 year fixed mortgage better right now with TSB?

At TSB the 5-year fixed costs the same as the 2-year at 60% LTV, 5.09% on both with a £995 fee, 0.05 points more at 75% and 0.05 points less at 90%. The 5-year suits a borrower staying put who wants certainty, at the cost of a 5% early repayment charge in year one. The 2-year tracker at 4.44% with no early repayment charge suits anyone who may move within two years.

4. What is TSB's Homeowner Variable Rate?

TSB's Homeowner Variable Rate (HVR) is 7.24% and is the rate every current TSB fixed and tracker deal reverts to when it ends. It is set by TSB rather than tied to base rate, and it is the joint highest reversion rate on our tracker alongside Halifax. A separate Standard Variable Rate of 5.75%, capped at 2 points above base rate, applies only to mortgages taken out before June 2010.

5. Does TSB do a 95% mortgage?

Yes. TSB lends to 95% LTV on residential purchases including first-time buyers, at 5.84% on a 2-year fixed and 5.74% on a 5-year fixed with a £995 fee at our check, or 6.04% and 5.89% fee-free, with £500 cashback and a free valuation on any purchase at 85% LTV or above. Loans at 90% LTV and above are capped at £570,000 and gifted family deposits are accepted.

6. Can I switch my TSB mortgage to a new deal early?

TSB opens its product transfer window three months before the current deal ends, which is the shortest window among the lenders on our tracker. Inside that window the switch needs no credit check or affordability assessment, and the new rate starts when the old one ends. Switching earlier than three months means paying the early repayment charge on the existing fix, which runs from 1.5% to 5% depending on the product and year.

7. What is the best UK mortgage rate today compared with TSB?

At our check TSB's 2-year fixed at 60% LTV of 5.09% sat above Nationwide at 5.04% and HSBC at 4.96%, on equivalent products, and its cheapest deal overall was the 2-year tracker at 4.44%, priced the same for new borrowers and existing customers. No single lender holds the lowest rate across every band and the leader changes week to week, so the best rate is the one that clears your LTV band, loan size and criteria on the day.

8. Do I need a broker to get a TSB mortgage?

No, TSB lends directly, but a broker prices its purchase, remortgage and transfer ranges against the rest of the market on the same day, checks whether its two-year self-employed rule or 75% interest-only cap fits your case, and can place a case TSB declines. Mortgage One is a whole of market mortgage adviser and the initial consultation is free.