Tesco Mortgages

GMS

Have you got copies of your credit files? If not get them to make sure there are no errors.

Do you have any unsecured credit?

Izz

This is worrying as I was thinking of trying to re-mortgage with Tesco...the house is 'worth' £250,000 and we'd need to borrow about £85-90,000 (haven't got the latest statement). Credit rating of 999 with Experian. 8 years in 'safe' public sector job paying £40,000, no debts at all except mortgage. We are trying to sell the house, but no offers yet - market in our area is almost stationary - as we want to drastically reduce outgoings. Our 5% fix has two more years to run, but moving to 1.99% would save over £300 per month, so would be well worthwhile, as a sale is unlikely over the winter months.

Could there be any downsides to applying to Tesco other than the potential waste of good time if we're turned down? The aim of moving house is to be mortgage free but the Tesco mortgage doesn't seem to have an ERC, and is portable if we needed a small mortgage on moving.

Sorry if that's a bit rambling, but advice would be very welcome.

Thanks

paso11

So long as you have an LTV of no more than 60% and your credit file is ok etc you should be ok.

I managed to get about 3.5x salary with them with a 40% deposit and my credit file is spotless. No other debt either.

Angiebabe

We have a LTV of 47% and a big mortgage... didn't hear from Tesco for 48 hours and then they got in touch by phone and we have to provide support material by post regarding pension provision. You'll notice on the application that they are asking for a mortgage term in whole years rather than years/months. Unfortunately I might have screwed this us up as DH is projected to retire a few months before the mortgage term ends so take care when you complete the form!

Are they just looking for 'loyal' Tesco financial product holders?

Half-term has been this week and the site was so busy I couldn't even load it.

Izz

I haven't even got a club card...

bigmatt1174

marbles00 wrote: »

Credit rating excellent with experian 985 and 472 good with equifax.

Seems odd!

If the 472 is with Experian then that would suggest a problem as they score out of 1000 or 999 or is the 472 with Equifax? Not sure what they score out of?

paso11

Angiebabe wrote: »

We have a LTV of 47% and a big mortgage... didn't hear from Tesco for 48 hours and then they got in touch by phone and we have to provide support material by post regarding pension provision. You'll notice on the application that they are asking for a mortgage term in whole years rather than years/months. Unfortunately I might have screwed this us up as DH is projected to retire a few months before the mortgage term ends so take care when you complete the form!

Are they just looking for 'loyal' Tesco financial product holders?

Half-term has been this week and the site was so busy I couldn't even load it.

They do appear to be conservative, maybe they flagged this on account of your ages?

I'm 28 so they probably didn't feel the need to ask me!

opinions4u

What term have you applied over? A 40 year old will be over 65 at the end of a 25 year term. Try applying over 24 years.

andyca

40% LTV

I'm 30 years old with an expected retirement age of 65. No dependants, living and applying on my own. Spotless credit rating.

£110k over 20 years requested. With a monthly payment of £560 (1.99% fixed for two years)
Take-home pay is over 3k per month household outgoings including holiday funds etc. work out to be around £800. leaving me over £2200 spare each month.

Declined on affordability... I could afford this mortgage 4 times over!!! I asked them why and they kept reiterating that according to their system I would not be able to afford the repayments.

Is this mortgage just impossible to get? In which case is advertising a rate that no one can get illegal?

Thrugelmir

andyca wrote: »

Is this mortgage just impossible to get? In which case is advertising a rate that no one can get illegal?
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Tesco may well have a very specific target market for their mortgages. Given they are a relatively small lender in market terms at the current time. As their mortgage book grows will probably loosen their criteria.