This paper deals with high-frequency (HF) thermoacoustic instabilities in swirl-stabilized gas turbine combustors. Driving mechanisms associated with periodic flame displacement and flame shape deformations are theoretically discussed, and corresponding flame transfer functions (FTF) are derived from first principles. These linear feedback models are then evaluated by means of a lab-scale swirl-stabilized combustor in combination with part one of this joint publication. For this purpose, the models are used to thermoacoustically characterize a complete set of operation points of this combustor facility. Specifically, growth rates of the first transversal modes are computed, and compared against experimentally obtained pressure amplitudes as an indicator for thermoacoustic stability. The characterization is based on a hybrid analysis approach relying on a frequency domain formulation of acoustic conservation equations, in which nonuniform temperature fields and distributed thermoacoustic source terms/flame transfer functions can be straightforwardly considered. The relative contribution of flame displacement and deformation driving mechanisms–i.e., their significance with respect to the total driving–is identified. Furthermore, promoting/inhibiting conditions for the occurrence of high frequency, transversal acoustic instabilities within swirl-stabilized gas turbine combustors are revealed.