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Mortgages

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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.
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If you wish to transfer the equity you hold in your property, we’ll help you if we can.   Transferring equity may mean removing a joint owner of the property from the property title and mortgage account, or adding a new joint owner. There may be a charge for this. It’s outlined in our Tariff of Charges PDF. To find out more about transferring equity with your Tesco Bank Mortgage click on the “Transferring equity” tab on our website.
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You can switch from one Tesco Bank Mortgage product to another if you need to. When you switch product you will have to pay any fees required for the new mortgage, you may also need to pay an Early Repayment Charge if you are still in your initial rate period.   If you have a tracker mortgage that includes the option to switch to a fixed rate during the initial period, you’ll be able to switch without incurring an Early Repayment Charge.   To find out more about switching to a new rate with your Tesco Bank Mortgage click on the “Switching deals and making changes” section at www.Tescobank.com/Mortgages/existingcustomers
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If you sign up to receive text alerts we’ll keep you up to date with the progress of your application via texts to your mobile phone. You can register for updates when you are applying for your mortgage.   You can also track the progress of your mortgage application online via online banking You can register for online banking when you apply over the phone or online  
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Our fees and charges are set out clearly in our Tariff of Charges, including those for missed payments. You can download it by clicking Tariff of Charges PDF.   You can also find more information on our website.
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Interest rates on our Tracker mortgages are linked to the Bank of England base rate.   Our tracker mortgages currently track a set percentage above base rate for the initial period of your mortgage.   The Bank of England base rate can fluctuate on a monthly basis, which means your monthly payments will go up or down in line with base rate changes.   If your rate is going to change, we’ll contact you at least 10 working days before the resulting change to your monthly payment takes effect.   There’s a minimum rate or ‘floor rate’ so your interest rate won’t go below the floor rate as long as it applies. You’ll find details of your floor rate and when it applies in your mortgage Offer document.
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Yes, your mortgage application will be subject to a credit search. The credit search allows us to check your credit rating and help assess whether you can afford a Tesco Bank mortgage.
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An Early Repayment Charge, sometimes known as an ERC, may apply if during the initial rate period you do any of the following:   • Overpay by more than a set percentage of the outstanding mortgage balance each year, as set out in your Offer document • Switch to a different Tesco Bank Mortgage • Port your mortgage and require a smaller mortgage after moving • Repay your mortgage in full.   For more information on Early Repayment Charges visit “Mortgage fees and charges” section of our website.  
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If you have been declined for a Tesco Bank Mortgage it may be for a number of reasons.   It could be due to your credit history, you may not have met all our criteria to ensure you can afford the mortgage you wanted, or your property may not be suitable for our lending requirements.   If you’re buying a new property, you may be able to continue with your Tesco Bank Mortgage application if you find another property that is suitable.   You can ask us to reconsider our decision if you feel you have additional information which we may not have considered in your initial application. If you would like to talk to us about reconsidering our decision you can contact us on: 0345 051 8446.*   We're open 8am - 9pm Monday to Friday and 9am - 4pm Saturday.    Or you can write to us at:   Tesco Bank Mortgage Operations PO Box 1214 Cheltenham GL50 9WL   You can find out what's in your personal credit report and check your credit rating online at websites such as Experian or Equifax. There may be a small fee.   Calls may be recorded.  *This number may be included as part of any inclusive call minutes provided by your phone operator.
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If you miss your monthly mortgage payment, please contact us on 0345 051 8447* as soon as possible to discuss your circumstances and to agree a resolution.   We’ll agree a reasonable amount of time with you in which you can pay back any missed payment(s).   Continuing to miss payments will affect your credit rating and may lead to charges. The charges are outlined in our Tariff of Charges PDF.   If you’re experiencing financial difficulties, we've included detail on our website to help you find out what options are available to you.    Your home may be repossessed, as a last resort, if you do not keep up repayments on your mortgage. Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.
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