You can change your Direct Debit date online, or over the phone, selecting any date from the 1st to the 28th of the month. You’ll need to give us at least 10 calendar days’ notice of the change before your scheduled next 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.
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.
Yes - once you have made six consecutive monthly payments to your mortgage you can apply for additional borrowing. Additional Borrowing is currently only available on our Standard Variable Rate. We’ll need to check you can afford to repay any additional amount borrowed, so we’ll carry out an additional credit check and affordability assessment to make sure you can afford any increase to your monthly payment as a result of any additional borrowing. 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 click on the “borrowing more” section at www.Tescobank.com/mortgages/existingcustomers
If you’re accepted for a mortgage in principle, our acceptance decision will be valid for 90 days. Once you find a property we’ll confirm whether the property meets our criteria, complete your credit search and ask you to pay any fees. We’ll ask you for some evidence to back up the information you give us, such as proof of income and your address. Once the property has been valued and we’ve satisfactorily verified all your information, we’ll send you a Formal Offer.
Before you start your mortgage application it’s a good idea to have the following to hand: To get a quote: • The amount you want to borrow • The value (or estimated value) of the property. To Apply: • Personal details, such as bank information and earnings • Details of the property to be mortgaged • Your address for the past three years • Your home, work and mobile phone number • Your employment details for the past 12 months – or three years’ accounts or tax details if you’re self employed • Details of your household income and regular outgoings such as council tax, utilities, credit card and loan payments as well as spend on travel, food and leisure • Your existing mortgage details – if you have one • Your Tesco Clubcard number (don’t worry – you can always add this later).
You can apply for a Tesco Bank Mortgage if: •You're over 18 and you'll be less than 75 when your mortgage ends •You are a UK resident, buying or remortgaging a property in the UK that will be your main residence •You want a mortgage of between £40,000 and £1,000,000 •You'll need to have a minimum deposit/equity in your home of 5% for mortgages up to £300,000, 10% up to £500,000, 20% up to £750,000 and 25% for mortgages up to £1,000,000 except if the property is a new build. Please note for new build properties the maximum we will lend is 75% Loan to Value for flats and 85% Loan to Value for houses. We define new build as new, newly converted and previously unoccupied properties built within the last two years •Your annual household income is more than £20,000 •You want a capital and interest mortgage How do I apply for a mortgage with Tesco Bank? You can apply for a Tesco Bank Mortgage online or over the phone. Before you apply for a Tesco Bank Mortgage check if you meet our eligibility criteria on our 'Get a mortgage quote or apply' page at www.Tescobank.com/mortgages You can call our UK-based Mortgage Team on 0345 051 8446*. We're open 8am-9pm Monday to Friday and 9am-4pm Saturday. *This number may be included as part of any inclusive call minutes provided by your phone operator.
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 at www.Tescobank.com/Mortgages/existingcustomers
In general, it can take between eight and 10 weeks to arrange your mortgage from when you get your initial mortgage quote and Mortgage Illustration. This may vary however depending on your individual circumstances or needs.
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.
We don’t need you to instruct a conveyancer to remortgage with Tesco Bank, but you may wish to take independent advice on the mortgage documentation you’ll need to sign. We’ll instruct LMS to act for Tesco Bank in the conveyancing aspects of the mortgage and they’ll get in touch with you during your application.