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Mortgages

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The maximum we lend is 95% of the purchase price or property value, whichever is lower.   This is dependent on availability at the time of application. Products may change at any time and may not always be available at the Loan To Value (LTV) required.   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.   New Build The maximum we will lend on a new build property is 75% Loan to Value for flats and 85% Loan to Value for houses. New Build is defined as properties which are newly built within the last 2 years or newly converted within the last 2 years.
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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.  
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If you remortgage with Tesco Bank we’ll pay for the standard legal costs, such as conveyancers’ fees, VAT and usual disbursements if the product you have applied for includes our free standard legal service. If any additional legal work is needed - for example, adding a party to, or removing a party from, the title - then you will need to pay for any additional fees yourself.   If you don't have a mortgage on your property at the moment but want to release equity, or if your property is not registered with the land registry, we will instruct LMS or Optima Legal to act but you’ll need to meet their legal costs yourself.   For more information on the legal fees and charges associated with your Tesco Bank Mortgage go to: http://www.tescobank.com/mortgages/fees-and-charges/
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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.  
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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.
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Before you apply for a Tesco Bank Mortgage consider the following to ensure you’re eligible:   About you • You're over 18 and you'll be less than 75 when your mortgage ends • Your annual household income is more than £20,000 • You are a UK resident, buying or remortgaging a property in the UK that will be your main residence • You have a UK bank account to make your mortgage payments from • You have a good credit history (e.g. not been declared bankrupt or have any outstanding arrears) About the mortgage • You want a capital and interest mortgage • You want to borrow 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
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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.
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You may have the option to reduce or extend your mortgage term on condition that it meets with our lending policy. A fee may apply.   To find out more about changing the term of your Tesco Bank Mortgage click on the “Change your mortgage term” section at on our website.  
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Yes - You’ll need to pay a conveyancer to complete the legal work required when you take out a Tesco Bank Mortgage to buy a new home. They’ll carry out all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place.   You can instruct a conveyancing firm of your choice. However, if the firm selected is not a member of Tesco Bank’s conveyancing panel and you still want to continue with them additional costs will be incurred as separate legal representation will be required by Tesco Bank. Alternatively we can refer you to Legal Marketing Services (LMS), a company which specialises in sourcing law firms for conveyancing transactions.   Our conveyancing panel accepts applications, so your conveyancer can make an application to apply if they are not on our panel.   Your conveyancing firm will be able to confirm whether they are a member of the Tesco Bank panel.
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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.
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