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.
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.
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.
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.
• 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).
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, here you can track the progress of your Tesco Bank Mortgage application as well as manage some elements of your mortgage online. It lets you see: • The progress of your application • Any quotes you’ve asked for • Your mortgage details, including loan amount • The interest rate you’re paying • Your outstanding balance • Your monthly payment amount • The Tesco Clubcard points you’ll collect each month based on your monthly payment amount • Your next Direct Debit date. You can also manage some parts of your mortgage account online without charge. For example, you can: • Request to change your bank details • Request to change your payment date to any date between the 1st and 28th of the month • Request to add or amend your Clubcard number. You can register for online banking when you apply over the phone or via our website.
If you’re remortgaging with us and the product you’ve applied for includes our free standard legal service, we will meet the standard legal costs of your remortgage. We work with Optima Legal - a specialist property law firm and Legal Marketing Services (LMS) - a conveyancing panel management specialist who will co-ordinate the legal work involved.
If the remortgage product you have chosen does not include our free standard legal service you can choose your own solicitor as long as they meet our panel criteria and if you do not have a law firm in mind, please let us know and we can introduce you to LMS and they can give you a quote to use one of their selected firms.
You can apply for a Tesco Bank Mortgage online, over the phone or through selected mortgage intermediaries.
Before you apply for a Tesco Bank Mortgage, you can check if you meet our eligibility criteria on our “Get a mortgage quote or apply” page online.
You can call our UK based Mortgage Team on 0345 217 2050*. 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.
In general, it can take between eight and ten 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.
You can track the progress of your application online or sign up for SMS updates as part of the application journey.
You can register for online banking when you apply over the phone or via our website.