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Odd system at tesco to establish borrowing limit
KnightSmile
Posts: 252 Forumite
Hi all,
I recently phoned Tesco bank (for a mortgage) and asked to borrow what I thought was my maximum lending limit. I went through all my outgoings (I have very little as I have been saving for a deposit for a long time) - got to the end of the process and my request was refused. I dropped my request by 20K and it was refused again. I asked to drop it again and was told this was an abuse of the system and it was refused! I only wanted to know how much they would be willing to lend me!!
I gave the same information to nationwide and halifax and got a mortgage promise from both for the original higher amount and we didnt engage in guessing games, they each said we can lend you up to x amount - so it all worked out in the end.
Has anyone else had a similar issue with Tesco? I dont know why they couldnt just tell me what they were prepared to lend like the other banks rather then keep making me submit a random bid for cash!
It was literally a matter of "computer says no!"
KS
I recently phoned Tesco bank (for a mortgage) and asked to borrow what I thought was my maximum lending limit. I went through all my outgoings (I have very little as I have been saving for a deposit for a long time) - got to the end of the process and my request was refused. I dropped my request by 20K and it was refused again. I asked to drop it again and was told this was an abuse of the system and it was refused! I only wanted to know how much they would be willing to lend me!!
I gave the same information to nationwide and halifax and got a mortgage promise from both for the original higher amount and we didnt engage in guessing games, they each said we can lend you up to x amount - so it all worked out in the end.
Has anyone else had a similar issue with Tesco? I dont know why they couldnt just tell me what they were prepared to lend like the other banks rather then keep making me submit a random bid for cash!
It was literally a matter of "computer says no!"
KS
0
Comments
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KnightSmile wrote: »Hi all,
I recently phoned Tesco bank (for a mortgage) and asked to borrow what I thought was my maximum lending limit. I went through all my outgoings (I have very little as I have been saving for a deposit for a long time) - got to the end of the process and my request was refused. I dropped my request by 20K and it was refused again. I asked to drop it again and was told this was an abuse of the system and it was refused! I only wanted to know how much they would be willing to lend me!!
I gave the same information to nationwide and halifax and got a mortgage promise from both for the original higher amount and we didnt engage in guessing games, they each said we can lend you up to x amount - so it all worked out in the end.
Has anyone else had a similar issue with Tesco? I dont know why they couldnt just tell me what they were prepared to lend like the other banks rather then keep making me submit a random bid for cash!
It was literally a matter of "computer says no!"
KS
Surely the interweb would be your friend?
http://www.tescobank.com/mortgages/how-much-can-i-borrow-calculator.html
They even include a lovely slider...0 -
I wouldn't buy my baked beans from Halifax eitherI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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