WHEN borrowing money it’s important for people to do so in the way that makes the best financial sense for them.

Whether dipping into their overdraft, using a credit card, taking out a personal loan, or buying a home with a mortgage, it’s essential that people only borrow an amount that they can afford to repay.

A key initiative at TSB is to help people ‘borrow well’ by helping them borrow money in a way that best suits their individual needs.

This means that all TSB customers receive the information they need so that they can make informed decisions about their finances.

Local Bank Manager Julie Phillips & Mortgage Advisor Sally Hilliker, at TSB in Cirencester has provided some top tips to help people who are reviewing their mortgage borrowing:

• When it comes to mortgages, it’s not a case of one size fits all.

Different mortgages suit different people so ‘borrowing well’ is more than just getting the lowest interest rate.

Speak to a mortgage adviser as they can highlight what options are available to you.

• Think about whether you might want a fixed or variable interest rate.

Some people prefer to have the security of knowing that their mortgage rate is going to stay fixed for a specific period of time, so they know exactly what their monthly payment will be, even if this means a slightly higher interest rate.

Others prefer a variable rate on their mortgage, where the mortgage rate is linked to another interest rate and their payments can go up or down.

• Make sure you understand all the costs involved with buying a new home or getting a new mortgage on your current property.

A mortgage adviser can look at all your finances with you, including your income and any outgoings such as for your home, your family and your lifestyle.

This process will help you work out how much you can borrow and which mortgage might suit you best.

In addition, TSB also follows these four steps to ensure people can get the mortgage deal best suited to their needs:

1. TSB keeps its mortgage rates as low as it can because it wants to help people thrive.

2. Having competitive rates does not stop TSB offering mortgages with the flexibility people might need, like being able to make overpayments and taking their mortgage with them when they move home.

3. TSB offers simple, straightforward mortgages with none of the funny stuff associated with other banks.

It is transparent about its fees and where it does have arrangement fees or valuation fees, it will always point them out and explain what they are for, rather than pretending they do not exist.

4. TSB Mortgage Advisors are all experienced as well as having CeMAP* professional qualifications, meaning they are trained to give people the best advice and guidance about which TSB mortgage is right for them.

Julie Phillips, Bank Manager, TSB in Cirencester comments, “Buying a home is the biggest purchase people will ever make and we want to help them to borrow well. We have experts on hand that are able to guide people taking out a mortgage.

“People are very welcome to pop into the branch and make an appointment with a dedicated mortgage advisor, who will be happy to talk through their options and help guide them through buying their new home.”