Mortgages from Tesco Bank

Fixed rate mortgages

  • Rate fixed until
    28/02/2017 1.69%
  • Then changing to our Standard Variable Rate for the rest of the term, currently 4.24%VARIABLE
  • Overall cost for
    comparison 3.9% APR

Your home may be repossessed if you do not keep up repayments on your mortgage

2 Year Fixed Conditions: Maximum 60% loan to value. Non-refundable booking fee £195 and product fee £1,300. Early Repayment Charges apply during initial rate period. Our mortgage offers can be withdrawn or changed at any time.

Tracker rate mortgages

  • Tracks Bank of England base rate plus 1.00%, giving a current tracker rate of 1.50%Until 28/02/2017
  • Then changing to our Standard Variable Rate for the rest of the term, currently 4.24%VARIABLE
  • Overall cost for
    comparison 3.9% APR

Your home may be repossessed if you do not keep up repayments on your mortgage

Tracker conditions: Maximum 70% loan to value. Non-refundable booking fee £195 and product fee £800. Early Repayment Charges may apply during tracker rate period. Our mortgage offers can be withdrawn or changed at any time.

Our mortgage benefits

Here's what you get with a Tesco Bank Mortgage

  • Great rates
  • Clubcard points
  • A UK-based team of mortgage advisers, here to help with advice and recommendations
  • The ability to make overpayments of up to 20% during the initial rate period

Is it for you?

You can apply if you:

  • Are over 18
  • Will be under 75 when your mortgage ends
  • You are a permanent UK resident or have indefinite right to remain in the UK
  • Want a mortgage for between £40,000 and £750,000
  • Have a minimum 10% deposit or equity for mortgages up to £500,000, or 25% for mortgages from £500,000 to £750,000

    Please note for new build properties the maximum we will lend on a new build property is 75% Loan to Value for flats and 85% Loan to Value for houses. We define new build as new, newly converted and previously unoccupied properties built within the last 2 years.
  • Have an annual household income over £20,000
  • Want a capital and interest mortgage
  • Want a mortgage term between three years and 40 years
  • Have a good credit history

Step by step

Step 1: Work out how much you could borrow and pay per month

Tell us your income and outgoings - our online calculator will estimate how much you could borrow. It's quick and easy.

Mortgage calculator

Step 2: Get a quote over the phone or online

Whether you're buying a home or remortgaging, you can get a quote based on what you'd like to borrow.

Even if you haven't found your new home yet, you can get a quote on what you think you'd like to borrow.

Just speak to one of our qualified mortgage advisers - it's free.

You'll need to know:

  • How much you want to borrow
  • Your deposit
  • The property's value – this will determine your loan to value so it's important to provide your best estimate

Our advisers will ask a series of questions about your needs and circumstances to determine the most suitable Tesco Bank mortgage product for you. We'll make a recommendation and send you a personalised Key Facts Illustration. This shows you the costs, fees, product features and interest rates that apply to the mortgage and the monthly payments.

You can apply online too using our Execution Only application, but you'll need to answer some questions to make sure you're eligible.

If you decide not to take mortgage advice, this is called an 'Execution Only' application.

Step 3: Track your application with 'my account'

Track the progress of your application online - make sure you sign up for My Account when you get a quote or apply. You can also sign up for text alert updates.

Registering for Mortgages My Account

Step 4: Completing your mortgage application

Once you’re happy with your Key Facts Illustration you can complete your mortgage application. We’ll need:

  • Information about the property you'd like to buy or are remortgaging
  • Details of your solicitor or conveyancer if your mortgage is for a house purchase
  • Your bank details

We’ll then:

  • Check your credit history
  • Make sure you can afford your mortgage payments
  • Confirm if the property meets our criteria subject to verification by our surveyor

At that point we’ll confirm we’re willing to lend to you and we’ll ask you to pay any fees.

Some of these fees are non-refundable. So if you decide not to go ahead with a mortgage with Tesco Bank, you won’t get some of your fees back. The same applies if information comes to light which means we cannot lend to you.

We’ll write to confirm your application, and ask you to send us some documents to verify the information you’ve given us. Our surveyor will contact you to arrange a valuation of your property.

Step 5: Manage your account online

Once your mortgage is arranged, you can manage it using My Account.

Which Tesco Bank mortgage?

We offer a range of competitively priced mortgages, whether you're:

  • Buying a new home
  • Remortgaging from another lender
  • Switching from an existing mortgage with Tesco Bank

Find out more about our competitive fixed rate or tracker mortgages.

Search our mortgages Mortgage calculator

A fixed rate mortgage gives you the certainty of fixed monthly payments, so you know exactly how much you’ll pay each month.

A tracker rate mortgage tracks the Bank of England base rate so, if interest rates move up or down, your monthly payments will increase or reduce in line with base rate changes.

Like what you see?

Get advice

We're right here in the UK, from 8am to 9pm on weekdays, and 9am to 4pm on Saturdays.

0845 217 2050

Minicom: 0845 055 0607

Apply online

If you don't need advice, you can apply for a mortgage online using our Execution Only application. We'll ask you a few questions to ensure you're eligible for this.

apply online

Information you'll need

You can apply for a Tesco Bank mortgage online or over the phone.

We'll ask for information that may include:

  • Personal details - your name, address, date of birth and contact details.
  • Details of the property - we need to know the year the property was built and the construction type, for example, brick or stone.
  • Employment details - for example, are you employed or self-employed?
  • Your retirement - we'll ask when you plan to retire. If the mortgage term you ask for extends into your retirement, we'll ask for evidence of income during your retirement.
  • Financial commitments and monthly expenditure - it's important the figures you give us are accurate. You may want to have loan or credit card statements to hand, and it could be worthwhile drawing up a list of your monthly spending.
  • Existing mortgage details - if you're remortgaging, we'll need to know the details of your current mortgage.
  • Sending us your documents - once you've completed the application, we'll ask you for documents that verify the information you've given us. You'll find more information about the kind of documents we accept in Your Document Guide and in our Documentation check list.

If you decide not to take mortgage advice, this is called an 'Execution Only' application.

Search our FAQs