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Anyone with an opinion on Tesco Mortgages
MissBailey
Posts: 959 Forumite
Hi,
We're FTBs looking for a property and having just revised our budget upwards I'm trying to get an idea of likely mortgage rates. When we first started looking I was very keen on the Nationwide 4 year fix but since then Tesco's 3 yr fix has appeared with a nice low rate of 2.49% (v. Nationwide's 2.99%)
Having done some research it doesn't look like brokers deal with Tesco (correct me if I'm wrong) so L&C couldn't offer me much information. Would anyone on here recommend them (or tell me to steer clear!?)? Does anyone know what their income multiples are like? We'd be looking to borrow c.3.75 times our income at 75% LTV.
Many thanks
We're FTBs looking for a property and having just revised our budget upwards I'm trying to get an idea of likely mortgage rates. When we first started looking I was very keen on the Nationwide 4 year fix but since then Tesco's 3 yr fix has appeared with a nice low rate of 2.49% (v. Nationwide's 2.99%)
Having done some research it doesn't look like brokers deal with Tesco (correct me if I'm wrong) so L&C couldn't offer me much information. Would anyone on here recommend them (or tell me to steer clear!?)? Does anyone know what their income multiples are like? We'd be looking to borrow c.3.75 times our income at 75% LTV.
Many thanks
FTB Tracker
Offer Accepted: May 2nd
Mortgage Application: May 3rd
Survey: May 13th / Satisfactory Valuation: May 13th
Formal Offer Text: May 16th
Exchange/Completion...still waiting
Offer Accepted: May 2nd
Mortgage Application: May 3rd
Survey: May 13th / Satisfactory Valuation: May 13th
Formal Offer Text: May 16th
Exchange/Completion...still waiting
0
Comments
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Tesco only sells direct, so brokers are unlikely to be able to tell you much about their products.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Your earning multiple doesn't look that high, particularly at 75% LTV.
Make sure you aren't being seduced by a headline rate with a high up front fee.
Remember that a £1500 fee over 3 years on a £100,000 loan is the equivalent of 0.5% on the rate.
Make sure you are comparing the total cost over the mortgage scheme and if you are only saving a couple of hundred quid, I'd be tempted to go with a mortgage broker who will then help you to progress the mortgage offer (I'm not a mortgage broker by the way!)
Good luck
R.Smile
, it makes people wonder what you have been up to.0
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