A credit search is carried out to help us give you a decision on whether we'll lend to you.
When you submit an application we will obtain information about you from credit reference agencies to check your credit status and identity. We may also use credit scoring. This means we will use the information that we obtain to give you a score and this will influence our decision to lend to you.
We will only undertake a full credit search when:
We've established that we will lend to you in principle
You have read your mortgage illustration
You have accepted our advice, if applying with one of our mortgage advisors
You have the permission of any joint applicant to progress the application
You have confirmed that you want to proceed with your application
Each time a credit search is carried out it is recorded against your details held at credit reference agencies.
You don't need to take mortgage advice from Tesco Bank.
If you decide to apply without advice, you can complete our Execution Only mortgage application online.
We'll ask you to confirm:
* you meet our eligibility criteria * the amount you want to borrow * how long you want the mortgage fixed for, either two, three or five years * how long you want to take the mortgage out for (the term) * the value or purchase price of your property, whichever is higher
You'll also need to confirm you understand you've not received advice about the
mortgage you've chosen and you're fully responsible for the choice you've made.
If you are having financial difficulties or worried about falling behind with your mortgage payments, please get in touch with us as soon as possible and we'll try to help you get back on track.
You can call our UK-based team on 0345 051 8447* or minicom 0345 055 0607*. We're open 8am-9pm Monday to Friday and 9am-4pm Saturday.
You can also find more information on our website.
Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator
When your mortgage application is approved, we may ask you to pay a product fee for setting up your mortgage for you. We will tell you the amount of the product fee in your Mortgage Illustration before you have to pay it. The product fee you pay will depend on the mortgage product that you choose.
You can pay your product fee upfront when you apply for your mortgage, or you can add it to the amount you’re borrowing, to spread the cost over the term of your mortgage.
If you choose to add the fee to your mortgage the amount will attract interest for the term of your mortgage, so you may end up paying more for it over the longer term.
Your product fee may be refunded if you decide not to go ahead with a Tesco Bank Mortgage. For more information on our fees, please see our existing FAQ 'What fees can I expect to pay with my mortgage?'
You’ll receive your mortgage statement annually, on the anniversary of the mortgage funds being released. You can request an ad hoc statement at any time online or over the phone, but there may be a cost associated with this.
Download our Tariff of Charges PDF to see how much this may be.
You may be able to change your mortgage rate before the end of your initial rate period. You can contact us to discuss what rates are available. Please be aware however that if you go ahead with the change you may have to pay an Early Repayment Charge and any other fees that may apply.
For more information on changing your rate with your existing Tesco Bank Mortgage please login to Online Banking and click on the “Making changes”