Helping you move to your next home
Whether you have a mortgage with us already or you’re new to Tesco Bank, you can rely on our help and expertise to make sure things go as smoothly as possible with the right mortgage for your move.
Step 1Take the next step
Think about your next home
Your house isn’t just a place to live; it’s your home. But there comes a time when it feels right to move on. Moving home is a great opportunity to make a fresh start. Whether you want to move up the property ladder to accommodate a growing family, downsize to something small and cosy, you need a bigger garden to grow your own fruit ‘n’ veg or just want to be closer to family or friends, we can help.
A quick recap on mortgages
If it’s been a while since you last applied for a mortgage, here’s a helpful refresher.
We could offer you a 2, 3 or 5 year fixed rate mortgage or a 2 year tracker rate mortgage. If you would prefer to have the certainty of knowing that your monthly repayments will stay the same during your initial period, one of our fixed rate mortgages might be right for you. Our tracker rate mortgage tracks the Bank of England base rate, which means rates can go up or down and so can your repayments. But when interest rates are low, your monthly repayments could be cheaper.
Weigh up the pros and cons of each mortgage type before you decide which one’s right for you. Our UK-based Mortgage Team is available to provide advice from 8am to 9pm on weekdays, and 9am to 4pm on Saturdays. Call: 0345 217 2050.
Step 2Work out your finances
Find out what your monthly repayments might be
Even with some savings and equity, you might still need to borrow. Find out what monthly repayments you could afford, and the types of mortgage available for the amount you want to borrow.
Discover how far your equity will take you
Depending on what you’re looking for, your next property might cost more (or less) than your current one, so arrange a valuation of your current home. What your home’s worth now may come as a welcome surprise. You might have built up some equity, which means you can borrow less on your new mortgage.
Remember to factor in other expenses
As well as a mortgage from Tesco Bank and removal charges, there are other expenses you need to bear in mind when you’re planning to move. You’ll also have to meet the cost of legal fees, stamp duty, local authority searches, land registry, and potential lenders’ charges. The cost of switching your mortgage can vary depending on the mortgage you choose, the amount you borrow and the current value of your home.
Use our income and expenditure form to help you work out your finances.
- Income and expenditure pdf, 55kb
If you are self-employed your accountant can use our accountant's certificate to document your income.
- Accountant's certificate pdf, 58kb
When you begin your application, whether it's online or over the phone, have all the information you need to hand.
- Your document guide pdf, 83kb
The A-Z of mortgage jargon
If it’s been a while since you moved, you might not remember all the terminology. We’ve put together a list of the most common terms to make it easier to understand the language of lending – so you’ll be fluent again in no time.
Step 3Find your new home
Arrange a valuation
A valuation or survey tells you and your mortgage provider about the condition of the property you want to buy and how much it's worth.
Choosing the right professionals
Your solicitor or conveyancer will handle all the legal aspects when you buy a home, for example transferring the title of a property from the seller to the buyer and carrying out searches to make sure there are no restrictions that could affect the property.
If you don’t have a solicitor or conveyancer in mind already for your home purchase, we can refer you to LMS, a company which specialise in sourcing law firms for conveyancing transactions. This will be covered during the application process.
- About LMS pdf, 53kb
Get the home you really want
When you’re viewing lots of properties it can be hard to remember every little detail or the questions you want to ask. To help take the pressure off, we've put together a Home Buyers' Checklist. You can download it and take a copy to every viewing. That way you’ll be able to make notes and draw up a shortlist of your favourite properties and arrange to see them again.
- Home Buyers' Checklist pdf, 20kb
Step 4Make the final preparations
You’ve exchanged contracts and got a date for completion. But there’s a lot to organise before the removal van arrives. You need to let people and organisations know you’re moving and it can be hard to keep track of who you’ve told and who you need to tell. To make life easier, we’ve done some of the work for you with our Home Movers’ Checklist. It’s a list of everyone you need to notify and has some handy links to the websites of the organisations who really need to know your new address.
- Home Movers' Checklist pdf, 278kb
You’ll also need to arrange insurance before you move into your new home. At Tesco Bank, we offer insurance to protect you, your home and your family. Take a look to see how we can help you protect the important things in your life.
Finally, don’t forget to keep in touch. Even after your move you can talk to us about any aspect of your mortgage at any time. We’re always here to help.
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Contact us - we're here to help
Need a few questions answered? Want to chat rather than scroll? Our UK-based teams are here to talk to you six days a week. Lines are open Monday to Friday 8am-9pm and Saturday 9am-4pm.
Call 0345 217 2050* to chat about new policies.
* These numbers may be included as part of any inclusive call minutes provided by your phone operator.