You can change your Direct Debit date online or over the phone, selecting any date from the 1st to the 28th of the month. If your preferred payment date falls on a weekend or a bank holiday, we'll collect the payment on the first business day after that date. You’ll need to give us at least 10 business days’ notice of the change before your next scheduled payment is due. We’ll continue to collect your monthly payment on the original due date, until we let you know that the new Direct Debit date has been set up.
Please be aware we can only collect your direct debit from a UK bank account.
Yes – Once you have made six consecutive monthly payments to your mortgage you can apply for additional borrowing. Additional Borrowing is available on 2 year and 5 year fixed rate products up to 90% Loan to Value (LTV) and on our Standard Variable Rate up to 95% LTV.
We’ll need to check you can afford to repay any additional amount borrowed, so we’ll carry out a credit check and affordability assessment to make sure you can afford any increase to your monthly payment. We may also carry out another valuation on your property, to make sure any additional borrowing does not result in the total mortgage balance going above our maximum Loan to Value. You’ll have to pay a valuation fee.
We may also ask you to pay a fee upfront to cover the cost of reserving any additional funds to be borrowed.
For more information on additional borrowing with your Tesco Bank Mortgage, including our current rates click on the “borrowing more” section at www.tescobank.com/mortgages/existing-customers
Your home may be repossessed, as a last resort, if you do not keep up repayments on your mortgage.
Your Offer document and mortgage statement will tell you when your initial rate period began and when it will change to our Standard Variable Rate.
A couple of months before your rate changes we’ll get in touch with you to let you know that your initial rate period is coming to an end. We will let you know your options for switching to a new product if you wish to do this.
Yes - Our mortgage products allow you to make overpayments either as a lump sum, or as regular overpayments. By making regular or lump sum overpayments you could reduce your monthly payments.
There will be a limit to how much you can overpay each year during the initial rate period without incurring an Early Repayment Charge. These details can be found in your Mortgage Illustration and your Offer.
To find out more about making overpayments click on the “Making overpayments” section on our website.
Yes - After you’ve made six consecutive monthly payments, you can apply to take a one month payment holiday.
Before we agree to a payment holiday we’ll need to check you can afford it – and that it won’t increase your total mortgage above our maximum loan to value ratio.
Interest will still accrue during your payment holiday and so your monthly payment may increase after it.
If you would like to take a payment holiday, the key thing is to speak to us first and agree it in advance. You can call our UK based Mortgage Team on 0345 2172050*. We’re open 8am – 9pm Monday to Friday and 9am – 4pm Saturday.
Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.
To find out more about payment holidays with your Tesco Bank Mortgage click on the “Taking a Payment Holiday” section on our website.
If your Mortgage Offer states your mortgage is 'portable', you could take your existing mortgage with you when you move home, on the condition that it still meets our lending policy and maximum loan to value requirements.
Before we can confirm whether you can transfer your existing mortgage, we’ll need to carry out a valuation of your new property, to check the value of the property; that it meets our lending criteria and help us to assess the new mortgage amount you’ll require. You may have to pay for a valuation or survey on the new property and there may also be other fees to pay such as legal costs.
If you are purchasing a property in Scotland we may be able to accept a valid Home Buyers Report.
If you want to increase your mortgage when you move, we will talk you through the options, as well as the charges and fees applicable. If you want to transfer your mortgage during the initial rate period an Early Repayment Charge may apply.
For more information on porting your Tesco Bank Mortgage click on the “Move home and keep your mortgage” section on our website.
Yes, simply call us and you can get advice and complete your application over the phone.
Please note: if you started your application online, you'll need to call us to get advice and complete your application. We may ask you for some of the information you've already given us online.
Your mortgage quote will generate a personalised Mortgage Illustration (previously known as a Key Facts Illustration) which will explain the key features of your mortgage and will tell you what your initial monthly payments would be, based on the information you provide during your quote.
Your Mortgage Illustration will include:
• Monthly payment amount • Any fees you have to pay • Initial Rate, Standard Variable Rate and the overall cost for comparison APR • Expiry date / duration of each interest rate • Any Early Repayment Charge • Features of the mortgage, and any restrictions relating to them.
Your Mortgage Illustration will be sent to you via post/email. It’s really important that you read it and understand what it says. Once you have read through and are comfortable with your Mortgage Illustration you can begin the application process.
If your mortgage application is referred, we may need you to send us additional information to verify some of the details you’ve provided. We'll contact you to ask for any extra information we may need. Once we've verified all the information, we'll give you a decision.
From the date you receive your formal offer there is a period of 7 days reflection for you to review this offer in order to make a considered and informed decision of whether or not to continue with the mortgage.
You are still able to proceed within the reflection period if you choose.