diff --git a/src/calibre/gui2/tweak_book/editor/smarts/html.py b/src/calibre/gui2/tweak_book/editor/smarts/html.py
index cf267b3af8..f31b9b0d6a 100644
--- a/src/calibre/gui2/tweak_book/editor/smarts/html.py
+++ b/src/calibre/gui2/tweak_book/editor/smarts/html.py
@@ -425,13 +425,14 @@ class Smarts(NullSmarts):
         template = template or DEFAULT_LINK_TEMPLATE
         template = template.replace('_TARGET_', prepare_string_for_xml(target, True))
         offset = template.find('_TEXT_')
+        template = template.replace('_TEXT_', text or '')
         editor.highlighter.join()
         c = editor.textCursor()
         if c.hasSelection():
             c.insertText('')  # delete any existing selected text
         ensure_not_within_tag_definition(c)
         p = c.position() + offset
-        c.insertText(template.replace('_TEXT_', text or ''))
+        c.insertText(template)
         c.setPosition(p)  # ensure cursor is positioned inside the newly created tag
         editor.setTextCursor(c)
 
diff --git a/src/calibre/gui2/tweak_book/widgets.py b/src/calibre/gui2/tweak_book/widgets.py
index e6784636d9..14de22e319 100644
--- a/src/calibre/gui2/tweak_book/widgets.py
+++ b/src/calibre/gui2/tweak_book/widgets.py
@@ -690,7 +690,7 @@ class InsertLink(Dialog):
             in the template, they will be replaced by the source filename, the destination
             filename and the anchor, respectively.
         ''').format(
-            '_TITLE_', '_TARGET', '_SOURCE_FILENAME_', '_DEST_FILENAME_', '_ANCHOR_'))
+            '_TEXT_', '_TARGET_', '_SOURCE_FILENAME_', '_DEST_FILENAME_', '_ANCHOR_'))
 
         l.addWidget(self.bb)