Oceanic transform faults, connecting offset mid-ocean spreading centres, rupture quasi-periodically in earthquakes up to about magnitude M 7.0 that are often preceded by foreshocks. In addition to seismic slip, a large portion of slip takes place as aseismic creep, which likely influences initiation of large earthquakes. Although oceanic transform faults are one of the major types of plate boundaries, the exact mode of slip and interaction between the seismic and aseismic motion remains unclear. Here we present a detailed model of the mode of slip at oceanic transform faults based on data acquired from a recent temporary deployment of ocean-bottom seismometers at the Blanco Transform Fault and existing regional and teleseismic observations. In the model, the crustal part of the fault is brittle and fully seismically coupled, while the fault in the mantle, shallower than the depth of the 600 °C isotherm, creeps partially and episodically. The creep activates small asperities in the mantle that produce seismic swarms. Both mantle and the crustal zones release most of the plate-motion strain during large-magnitude earthquakes. Large earthquakes appear to be preceded by a brief episode of shallow mantle creep, accompanied by seismic swarms, which explains the observation of foreshocks and shows that mantle creep likely influences initiation of large seismic events.