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Tesco mortgages - very pleased.
callmechar
Posts: 627 Forumite
Thought I would share how quick and easy it was to get a Tesco remortgage, from application to offer in a week!
By way of background, we want 178k (we estimated that the property worth £252k, based on house prices index but valuation was £285k! Not bad as we only bought the house 3 years ago. We have done it up but now over 100k equity! When we purchased the house, we bought it on a 10% deposit.
Timeline is as follows:
15/1/15 - applied online in the evening
16/1/15 - call from Countrywide surveyors to book valuation. Booked 19/1/15.
17/1/15 - paperwork received from Tesco and sent back (they wanted 1 payslip and 3 months bank statements)
19/1/15 - text from Tesco to say that they had received the documents and were sending them back.
19/1/15 - mortgage valuation carried out. I called up and confirmed valuation in the evening (much more than initially we had put down)
19/1/15 - called Tesco and told that application referred as the valuer had put comments on stating we live in an ex LA house.
20/1/15 - call from Tesco stating that everything ok and referral fine, clarifying student loan (had not initially told them about student loan)
21/1/15 - formal offer sent and text to be told that offer sent.
Is that good? Only a week? Heard such horror stories about MMR but it was so easy. Now just got to give the conveyancers appointed by Tesco to to their job and we should complete the remortgage on 1/4/2015.
My new rate is 2.89%. Our current fixed rate ends on 1/4/15 and is current 4.89%. We have taken 3 years off the mortgage (initially was 30 years, paid off 3 years, so was 27 left.) New deal is 24 years for 5 years.
By way of background, we want 178k (we estimated that the property worth £252k, based on house prices index but valuation was £285k! Not bad as we only bought the house 3 years ago. We have done it up but now over 100k equity! When we purchased the house, we bought it on a 10% deposit.
Timeline is as follows:
15/1/15 - applied online in the evening
16/1/15 - call from Countrywide surveyors to book valuation. Booked 19/1/15.
17/1/15 - paperwork received from Tesco and sent back (they wanted 1 payslip and 3 months bank statements)
19/1/15 - text from Tesco to say that they had received the documents and were sending them back.
19/1/15 - mortgage valuation carried out. I called up and confirmed valuation in the evening (much more than initially we had put down)
19/1/15 - called Tesco and told that application referred as the valuer had put comments on stating we live in an ex LA house.
20/1/15 - call from Tesco stating that everything ok and referral fine, clarifying student loan (had not initially told them about student loan)
21/1/15 - formal offer sent and text to be told that offer sent.
Is that good? Only a week? Heard such horror stories about MMR but it was so easy. Now just got to give the conveyancers appointed by Tesco to to their job and we should complete the remortgage on 1/4/2015.
My new rate is 2.89%. Our current fixed rate ends on 1/4/15 and is current 4.89%. We have taken 3 years off the mortgage (initially was 30 years, paid off 3 years, so was 27 left.) New deal is 24 years for 5 years.
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Comments
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Make sure the solicitors appointed to handle the remortgage don't try to complete before 2/4/15.
They don't get paid until completion takes place and they may jump the gun if the mortgage amount is enough to repay the existing mortgage and any penalties.
Your application was a little early for such a distant completion deadline...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 -
callmechar wrote: »Heard such horror stories about MMR but it was so easy.
For the majority MMR is not an issue. The topic as many do, gets blown up out of all proportion.
Nice to hear Tesco's is doing something right.0 -
I have to ask, was it a Tesco's Finest or a blue stripe mortgage?0
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Thanks
I wasn't sure when to apply. They said offers valid for either 3 or 6 months so valid until 20 April.
I've told the solicitor not to complete before 1st April. The amount I've asked for is just enough to pay the mortgage offer and not cover the ercs.0 -
kingstreet wrote: »Make sure the solicitors appointed to handle the remortgage don't try to complete before 2/4/15.
They don't get paid until completion takes place and they may jump the gun if the mortgage amount is enough to repay the existing mortgage and any penalties.
Your application was a little early for such a distant completion deadline...
This is the earliest date you need. Not the 1st April.0
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