Remortgage Deals – Remortgaging with Tesco Bank #30 #year #mortgage #rates


#remortgage

#

From our current account that likes to thank you as you spend, to our travel money delivered wherever it’s most convenient for you, we aim to give you banking the way you want it.

Whether it’s to help manage your spending, spreading the costs of a one-off purchase, or the serious business of buying a house, we’ve got it covered.

Our range of savings accounts can give you competitive rates and easy access, while our ISAs offer tax free saving for you and your children.

Whether you’re protecting your car, your pets, your house, your loved ones, or just want to be safe on your travels, we have a comprehensive range of insurances with options that let you tailor your cover to your lifestyle.

Calculators and comparison tables, jargon busters and top tips – our selection of tools and helpful information can help you get to grips with our products.

If you’re already banking or have insurance with us and you’ve got a question, need some help, or want to know what’s available to you, you’ve come to the right place.

Remortgage

How much could you save by switching your mortgage?

Your mortgage is probably your biggest financial commitment, so it’s worth exploring a remortgage deal from Tesco Bank. We know our rates are competitive so what’s the harm in taking a look? Our quick mortgage calculator works out what remortgage deals we could offer you and, if you want to borrow more, it can show you what your new monthly repayments would be.

Be mortgage-free sooner

You could pay off your mortgage early. During the initial rate period, you can overpay by up to 20% of the outstanding balance each year with no early repayment charge.

Are you on the right mortgage?

If you’ve had a mortgage for a while or your situation has changed, it’s worth thinking about whether a different type of mortgage might suit you better.

We have a range of fixed and tracker rate mortgages that offer competitive rates of interest. For example, if you’re thinking about trying to pay off your mortgage early, you could save on your monthly repayments with a tracker mortgage when the Bank of England base rate is low. If the rate goes up, you might be better off with a fixed rate where you know what your payments will be during the initial fixed rate period.

Before you apply, use our income and expenditure guide to help you understand your financial situation.

If you’re self-employed, your accountant can use this certificate to record your income.

Before you start your application, make sure that you have all the documentation you’ll need.

One final thing. If your buildings and contents insurance is up for renewal it’s worth taking a look at our Home Insurance. We might be able to save you some money on your premiums.

Tesco Bank Home Insurance is arranged and administered by Tesco Bank and is underwritten by a select range of insurers.

Cut the cost of borrowing more

Switch and save

The cost of switching your mortgage can vary depending on the type of mortgage you choose, how much you need to borrow, and the value of your current home. If you’re new to Tesco Bank mortgages we’ll ease some of the financial strain by paying your standard legal fees and your first standard valuation fee.

Remortgage to renovate your home

Perhaps you’re thinking about making some changes to improve your living space or increase the value of your home. It might be a dream kitchen, a loft extension, or a perfectly landscaped garden. Renovating your home could change your life – and your lifestyle. The good news is remortgaging can be one of the most cost-effective ways to borrow.

To get a clearer picture, use our mortgage calculator.

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.

What other people have been asking

About us

Our partners

Security and legal

Copyright © 2016 Tesco Personal Finance plc


How does remortgaging work? Money Advice Service #100 #mortgage #financing


#remortgage

#

How does remortgaging work?

Remortgaging is where you pay off your existing mortgage and switch to another lender. There are good reasons to consider remortgaging, but you need to consider the costs before you do.

At a glance

  1. Check the value of your property. It may have increased in value since you last checked. The higher the property value in relation to the mortgage, the more deals may be available to you if you decide to remortgage – and you may be able to get cheaper deals.
  2. Check the market for mortgage deals. This is your starting point for comparing what you’re paying now with what you might be able to get elsewhere.
  3. Make sure the benefits of switching outweigh the costs. Even though there may be lower rates available you need to take into account any fees associated with switching and the remaining length of your loan.
  4. Take what you’ve found to a mortgage broker. They have access to mortgages that aren’t available on comparison sites so may be able to improve on what you’ve found. They’ll also double check the costs and benefits of switching. Ask for an advised service.
  5. Set a reminder to review your mortgage each year. If you remortgage you may get an introductory deal on your interest rate – when this ends you’ll usually be put on a less competitive variable rate.

Check the market for mortgage deals

Comparison websites are a good starting point when you’re trying to find a mortgage tailored to your needs.

We recommend the following websites for comparing mortgages:

  • Comparison websites won’t all give you the same results, so make sure you use more than one site before making a decision.
  • It is also important to do some research into the type of product and features you need before making a purchase or changing supplier.

Use our Mortgage affordability calculator to find out how much you can afford to borrow.

Take advice

Taking advice from a qualified expert offers you extra protection because if the mortgage turns out to be unsuitable, you can complain to the Financial Ombudsman Service (FOS).

If you choose to go down the ‘execution-only’ route (where you make decisions on your own without advice), there will be fewer circumstances in which you can complain to FOS.

When it pays to switch and when it doesn’t

In the two examples below you can see how the size and remaining term of your outstanding mortgage can affect whether or not it’s worth switching.

In the first example, the cost of switching (£500) is greater than the saving (£239.04), so there’s no point in remortgaging. In the second example, it’s clear that switching mortgage saves money.

If you change your mortgage before the end of your deal you may have to pay a fee (called an ‘early repayment charge’).

You can use the links below to check current deals and work out what you might save by switching. But remember to check associated fees and costs.

Use our Mortgage calculator to see how much you could save by switching.

Check the costs

Before you switch be sure to check out the costs. Some lenders might offer fee-free deals to tempt you, but if they don’t you’ll have legal, valuation and administration costs to pay.

You can use the Annual Percentage Rate of Charge (APRC) to help you compare deals. The APRC is a way of calculating interest rates that incorporates some mortgage related fees in the calculation, giving you a way to compare mortgage deals.

What might look like a money saving deal could end up losing you money if you don’t do your sums first.

Reducing your loan-to-value to get a better rate

Every mortgage deal has a limit to how much you can borrow when compared with the current value of the property.

This is shown as a percentage and is called the ‘loan-to-value’.

When you remortgage, the lower the loan-to-value you need, the more deals that may be available to you – and you may be able to get cheaper mortgage deals.

How to calculate your loan-to-value

  1. Divide your outstanding mortgage amount by your property’s current value.
  2. Multiply the result by 100.
  • Your outstanding mortgage is £150,000
  • Your lender thinks your property is worth £200,000
  • 150,000 divided by 200,000 = 0.75
  • 0.75 x 100 = 75 – so your loan-to-value is 75%

Use the links below to get an idea of your home’s current value.

Your lender’s valuation

Bear in mind that when you apply for a mortgage, the lender’s valuation may just involve checking the outside of the property from the street.

If you think the valuation is much too low – and that you’re losing out on a better rate as a result – ask the lender to reconsider.

To support your case, you could provide evidence of the sale price of a few similar properties in your area and, if relevant, list the cost of any expensive home improvements you’ve carried out.

If as a result of cost savings you can make by remortgaging, you’re wondering whether to pay off your mortgage early, read our guide below.

Remortgaging to get a better interest rate

When you take out a new mortgage, you normally get an introductory deal – for example a low fixed or discounted rate or a low tracker rate for the first few years of your mortgage.

Introductory deals normally last for between two and five years. Once the deal ends you’ll probably be moved onto your lender’s standard variable rate, which will usually be higher than other rates that you might be able to get elsewhere.

So when your introductory period ends, take a look at the market to see if switching to a new mortgage deal will save you money. It’s also worth reviewing options before interest rates change .

Bear in mind that if you only have a small outstanding mortgage the amount you stand to save may be too low to make switching worthwhile.

Remortgaging for more flexibility

Remortgaging may also enable you to get a more flexible deal – for example if you want to overpay.

Or maybe you want to switch to an offset or current account mortgage, where you use your savings to reduce the amount of interest you pay permanently or temporarily – and have the option to draw your savings back if you need them.

Remortgaging to consolidate debt

If you have a lot of debt, you might be tempted to borrow some extra money and use it to pay off your other debts.

Even though interest rates on mortgages are normally lower than rates on personal loans – and much lower than credit cards – you may end up paying far more overall if the loan is over a longer term.

Instead of adding your debt to your mortgage, try to prioritise and clear your loans separately.

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  • Share this article on Facebook

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  • Share this article by Email

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  • Government help if you can’t pay your mortgage


    Remortgage Deals – Remortgaging with Tesco Bank #amortization #table #for #mortgage


    #remortgage

    #

    From our current account that likes to thank you as you spend, to our travel money delivered wherever it’s most convenient for you, we aim to give you banking the way you want it.

    Whether it’s to help manage your spending, spreading the costs of a one-off purchase, or the serious business of buying a house, we’ve got it covered.

    Our range of savings accounts can give you competitive rates and easy access, while our ISAs offer tax free saving for you and your children.

    Whether you’re protecting your car, your pets, your house, your loved ones, or just want to be safe on your travels, we have a comprehensive range of insurances with options that let you tailor your cover to your lifestyle.

    Calculators and comparison tables, jargon busters and top tips – our selection of tools and helpful information can help you get to grips with our products.

    If you’re already banking or have insurance with us and you’ve got a question, need some help, or want to know what’s available to you, you’ve come to the right place.

    Remortgage

    How much could you save by switching your mortgage?

    Your mortgage is probably your biggest financial commitment, so it’s worth exploring a remortgage deal from Tesco Bank. We know our rates are competitive so what’s the harm in taking a look? Our quick mortgage calculator works out what remortgage deals we could offer you and, if you want to borrow more, it can show you what your new monthly repayments would be.

    Be mortgage-free sooner

    You could pay off your mortgage early. During the initial rate period, you can overpay by up to 20% of the outstanding balance each year with no early repayment charge.

    Are you on the right mortgage?

    If you’ve had a mortgage for a while or your situation has changed, it’s worth thinking about whether a different type of mortgage might suit you better.

    We have a range of fixed and tracker rate mortgages that offer competitive rates of interest. For example, if you’re thinking about trying to pay off your mortgage early, you could save on your monthly repayments with a tracker mortgage when the Bank of England base rate is low. If the rate goes up, you might be better off with a fixed rate where you know what your payments will be during the initial fixed rate period.

    Before you apply, use our income and expenditure guide to help you understand your financial situation.

    If you’re self-employed, your accountant can use this certificate to record your income.

    Before you start your application, make sure that you have all the documentation you’ll need.

    One final thing. If your buildings and contents insurance is up for renewal it’s worth taking a look at our Home Insurance. We might be able to save you some money on your premiums.

    Tesco Bank Home Insurance is arranged and administered by Tesco Bank and is underwritten by a select range of insurers.

    Cut the cost of borrowing more

    Switch and save

    The cost of switching your mortgage can vary depending on the type of mortgage you choose, how much you need to borrow, and the value of your current home. If you’re new to Tesco Bank mortgages we’ll ease some of the financial strain by paying your standard legal fees and your first standard valuation fee.

    Remortgage to renovate your home

    Perhaps you’re thinking about making some changes to improve your living space or increase the value of your home. It might be a dream kitchen, a loft extension, or a perfectly landscaped garden. Renovating your home could change your life – and your lifestyle. The good news is remortgaging can be one of the most cost-effective ways to borrow.

    To get a clearer picture, use our mortgage calculator.

    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.

    What other people have been asking

    About us

    Our partners

    Security and legal

    Copyright © 2016 Tesco Personal Finance plc


    How does remortgaging work? Money Advice Service #house #loans #calculator


    #remortgage

    #

    How does remortgaging work?

    Remortgaging is where you pay off your existing mortgage and switch to another lender. There are good reasons to consider remortgaging, but you need to consider the costs before you do.

    At a glance

    1. Check the value of your property. It may have increased in value since you last checked. The higher the property value in relation to the mortgage, the more deals may be available to you if you decide to remortgage – and you may be able to get cheaper deals.
    2. Check the market for mortgage deals. This is your starting point for comparing what you’re paying now with what you might be able to get elsewhere.
    3. Make sure the benefits of switching outweigh the costs. Even though there may be lower rates available you need to take into account any fees associated with switching and the remaining length of your loan.
    4. Take what you’ve found to a mortgage broker. They have access to mortgages that aren’t available on comparison sites so may be able to improve on what you’ve found. They’ll also double check the costs and benefits of switching. Ask for an advised service.
    5. Set a reminder to review your mortgage each year. If you remortgage you may get an introductory deal on your interest rate – when this ends you’ll usually be put on a less competitive variable rate.

    Check the market for mortgage deals

    Comparison websites are a good starting point when you’re trying to find a mortgage tailored to your needs.

    We recommend the following websites for comparing mortgages:

    • Comparison websites won’t all give you the same results, so make sure you use more than one site before making a decision.
    • It is also important to do some research into the type of product and features you need before making a purchase or changing supplier.

    Use our Mortgage affordability calculator to find out how much you can afford to borrow.

    Take advice

    Taking advice from a qualified expert offers you extra protection because if the mortgage turns out to be unsuitable, you can complain to the Financial Ombudsman Service (FOS).

    If you choose to go down the ‘execution-only’ route (where you make decisions on your own without advice), there will be fewer circumstances in which you can complain to FOS.

    When it pays to switch and when it doesn’t

    In the two examples below you can see how the size and remaining term of your outstanding mortgage can affect whether or not it’s worth switching.

    In the first example, the cost of switching (£500) is greater than the saving (£239.04), so there’s no point in remortgaging. In the second example, it’s clear that switching mortgage saves money.

    If you change your mortgage before the end of your deal you may have to pay a fee (called an ‘early repayment charge’).

    You can use the links below to check current deals and work out what you might save by switching. But remember to check associated fees and costs.

    Use our Mortgage calculator to see how much you could save by switching.

    Check the costs

    Before you switch be sure to check out the costs. Some lenders might offer fee-free deals to tempt you, but if they don’t you’ll have legal, valuation and administration costs to pay.

    You can use the Annual Percentage Rate of Charge (APRC) to help you compare deals. The APRC is a way of calculating interest rates that incorporates some mortgage related fees in the calculation, giving you a way to compare mortgage deals.

    What might look like a money saving deal could end up losing you money if you don’t do your sums first.

    Reducing your loan-to-value to get a better rate

    Every mortgage deal has a limit to how much you can borrow when compared with the current value of the property.

    This is shown as a percentage and is called the ‘loan-to-value’.

    When you remortgage, the lower the loan-to-value you need, the more deals that may be available to you – and you may be able to get cheaper mortgage deals.

    How to calculate your loan-to-value

    1. Divide your outstanding mortgage amount by your property’s current value.
    2. Multiply the result by 100.
    • Your outstanding mortgage is £150,000
    • Your lender thinks your property is worth £200,000
    • 150,000 divided by 200,000 = 0.75
    • 0.75 x 100 = 75 – so your loan-to-value is 75%

    Use the links below to get an idea of your home’s current value.

    Your lender’s valuation

    Bear in mind that when you apply for a mortgage, the lender’s valuation may just involve checking the outside of the property from the street.

    If you think the valuation is much too low – and that you’re losing out on a better rate as a result – ask the lender to reconsider.

    To support your case, you could provide evidence of the sale price of a few similar properties in your area and, if relevant, list the cost of any expensive home improvements you’ve carried out.

    If as a result of cost savings you can make by remortgaging, you’re wondering whether to pay off your mortgage early, read our guide below.

    Remortgaging to get a better interest rate

    When you take out a new mortgage, you normally get an introductory deal – for example a low fixed or discounted rate or a low tracker rate for the first few years of your mortgage.

    Introductory deals normally last for between two and five years. Once the deal ends you’ll probably be moved onto your lender’s standard variable rate, which will usually be higher than other rates that you might be able to get elsewhere.

    So when your introductory period ends, take a look at the market to see if switching to a new mortgage deal will save you money. It’s also worth reviewing options before interest rates change .

    Bear in mind that if you only have a small outstanding mortgage the amount you stand to save may be too low to make switching worthwhile.

    Remortgaging for more flexibility

    Remortgaging may also enable you to get a more flexible deal – for example if you want to overpay.

    Or maybe you want to switch to an offset or current account mortgage, where you use your savings to reduce the amount of interest you pay permanently or temporarily – and have the option to draw your savings back if you need them.

    Remortgaging to consolidate debt

    If you have a lot of debt, you might be tempted to borrow some extra money and use it to pay off your other debts.

    Even though interest rates on mortgages are normally lower than rates on personal loans – and much lower than credit cards – you may end up paying far more overall if the loan is over a longer term.

    Instead of adding your debt to your mortgage, try to prioritise and clear your loans separately.

    Share this article

    • Share this article on Facebook

    Share this article on Facebook

  • Share this article on Twitter
    Share this article on Twitter
  • Share this article by Email

    Share this article by Email

  • Government help if you can’t pay your mortgage


    How does remortgaging work? Money Advice Service #mortgage #refinance #calculator


    #remortgage

    #

    How does remortgaging work?

    Remortgaging is where you pay off your existing mortgage and switch to another lender. There are good reasons to consider remortgaging, but you need to consider the costs before you do.

    At a glance

    1. Check the value of your property. It may have increased in value since you last checked. The higher the property value in relation to the mortgage, the more deals may be available to you if you decide to remortgage – and you may be able to get cheaper deals.
    2. Check the market for mortgage deals. This is your starting point for comparing what you’re paying now with what you might be able to get elsewhere.
    3. Make sure the benefits of switching outweigh the costs. Even though there may be lower rates available you need to take into account any fees associated with switching and the remaining length of your loan.
    4. Take what you’ve found to a mortgage broker. They have access to mortgages that aren’t available on comparison sites so may be able to improve on what you’ve found. They’ll also double check the costs and benefits of switching. Ask for an advised service.
    5. Set a reminder to review your mortgage each year. If you remortgage you may get an introductory deal on your interest rate – when this ends you’ll usually be put on a less competitive variable rate.

    Check the market for mortgage deals

    Comparison websites are a good starting point when you’re trying to find a mortgage tailored to your needs.

    We recommend the following websites for comparing mortgages:

    • Comparison websites won’t all give you the same results, so make sure you use more than one site before making a decision.
    • It is also important to do some research into the type of product and features you need before making a purchase or changing supplier.

    Use our Mortgage affordability calculator to find out how much you can afford to borrow.

    Take advice

    Taking advice from a qualified expert offers you extra protection because if the mortgage turns out to be unsuitable, you can complain to the Financial Ombudsman Service (FOS).

    If you choose to go down the ‘execution-only’ route (where you make decisions on your own without advice), there will be fewer circumstances in which you can complain to FOS.

    When it pays to switch and when it doesn’t

    In the two examples below you can see how the size and remaining term of your outstanding mortgage can affect whether or not it’s worth switching.

    In the first example, the cost of switching (£500) is greater than the saving (£239.04), so there’s no point in remortgaging. In the second example, it’s clear that switching mortgage saves money.

    If you change your mortgage before the end of your deal you may have to pay a fee (called an ‘early repayment charge’).

    You can use the links below to check current deals and work out what you might save by switching. But remember to check associated fees and costs.

    Use our Mortgage calculator to see how much you could save by switching.

    Check the costs

    Before you switch be sure to check out the costs. Some lenders might offer fee-free deals to tempt you, but if they don’t you’ll have legal, valuation and administration costs to pay.

    You can use the Annual Percentage Rate of Charge (APRC) to help you compare deals. The APRC is a way of calculating interest rates that incorporates some mortgage related fees in the calculation, giving you a way to compare mortgage deals.

    What might look like a money saving deal could end up losing you money if you don’t do your sums first.

    Reducing your loan-to-value to get a better rate

    Every mortgage deal has a limit to how much you can borrow when compared with the current value of the property.

    This is shown as a percentage and is called the ‘loan-to-value’.

    When you remortgage, the lower the loan-to-value you need, the more deals that may be available to you – and you may be able to get cheaper mortgage deals.

    How to calculate your loan-to-value

    1. Divide your outstanding mortgage amount by your property’s current value.
    2. Multiply the result by 100.
    • Your outstanding mortgage is £150,000
    • Your lender thinks your property is worth £200,000
    • 150,000 divided by 200,000 = 0.75
    • 0.75 x 100 = 75 – so your loan-to-value is 75%

    Use the links below to get an idea of your home’s current value.

    Your lender’s valuation

    Bear in mind that when you apply for a mortgage, the lender’s valuation may just involve checking the outside of the property from the street.

    If you think the valuation is much too low – and that you’re losing out on a better rate as a result – ask the lender to reconsider.

    To support your case, you could provide evidence of the sale price of a few similar properties in your area and, if relevant, list the cost of any expensive home improvements you’ve carried out.

    If as a result of cost savings you can make by remortgaging, you’re wondering whether to pay off your mortgage early, read our guide below.

    Remortgaging to get a better interest rate

    When you take out a new mortgage, you normally get an introductory deal – for example a low fixed or discounted rate or a low tracker rate for the first few years of your mortgage.

    Introductory deals normally last for between two and five years. Once the deal ends you’ll probably be moved onto your lender’s standard variable rate, which will usually be higher than other rates that you might be able to get elsewhere.

    So when your introductory period ends, take a look at the market to see if switching to a new mortgage deal will save you money. It’s also worth reviewing options before interest rates change .

    Bear in mind that if you only have a small outstanding mortgage the amount you stand to save may be too low to make switching worthwhile.

    Remortgaging for more flexibility

    Remortgaging may also enable you to get a more flexible deal – for example if you want to overpay.

    Or maybe you want to switch to an offset or current account mortgage, where you use your savings to reduce the amount of interest you pay permanently or temporarily – and have the option to draw your savings back if you need them.

    Remortgaging to consolidate debt

    If you have a lot of debt, you might be tempted to borrow some extra money and use it to pay off your other debts.

    Even though interest rates on mortgages are normally lower than rates on personal loans – and much lower than credit cards – you may end up paying far more overall if the loan is over a longer term.

    Instead of adding your debt to your mortgage, try to prioritise and clear your loans separately.

    Share this article

    • Share this article on Facebook

    Share this article on Facebook

  • Share this article on Twitter
    Share this article on Twitter
  • Share this article by Email

    Share this article by Email

  • Government help if you can’t pay your mortgage


    Remortgage Deals – Remortgaging with Tesco Bank #mortgage #interest


    #remortgage

    #

    From our current account that likes to thank you as you spend, to our travel money delivered wherever it’s most convenient for you, we aim to give you banking the way you want it.

    Whether it’s to help manage your spending, spreading the costs of a one-off purchase, or the serious business of buying a house, we’ve got it covered.

    Our range of savings accounts can give you competitive rates and easy access, while our ISAs offer tax free saving for you and your children.

    Whether you’re protecting your car, your pets, your house, your loved ones, or just want to be safe on your travels, we have a comprehensive range of insurances with options that let you tailor your cover to your lifestyle.

    Calculators and comparison tables, jargon busters and top tips – our selection of tools and helpful information can help you get to grips with our products.

    If you’re already banking or have insurance with us and you’ve got a question, need some help, or want to know what’s available to you, you’ve come to the right place.

    Remortgage

    How much could you save by switching your mortgage?

    Your mortgage is probably your biggest financial commitment, so it’s worth exploring a remortgage deal from Tesco Bank. We know our rates are competitive so what’s the harm in taking a look? Our quick mortgage calculator works out what remortgage deals we could offer you and, if you want to borrow more, it can show you what your new monthly repayments would be.

    Be mortgage-free sooner

    You could pay off your mortgage early. During the initial rate period, you can overpay by up to 20% of the outstanding balance each year with no early repayment charge.

    Are you on the right mortgage?

    If you’ve had a mortgage for a while or your situation has changed, it’s worth thinking about whether a different type of mortgage might suit you better.

    We have a range of fixed and tracker rate mortgages that offer competitive rates of interest. For example, if you’re thinking about trying to pay off your mortgage early, you could save on your monthly repayments with a tracker mortgage when the Bank of England base rate is low. If the rate goes up, you might be better off with a fixed rate where you know what your payments will be during the initial fixed rate period.

    Before you apply, use our income and expenditure guide to help you understand your financial situation.

    If you’re self-employed, your accountant can use this certificate to record your income.

    Before you start your application, make sure that you have all the documentation you’ll need.

    One final thing. If your buildings and contents insurance is up for renewal it’s worth taking a look at our Home Insurance. We might be able to save you some money on your premiums.

    Tesco Bank Home Insurance is arranged and administered by Tesco Bank and is underwritten by a select range of insurers.

    Cut the cost of borrowing more

    Switch and save

    The cost of switching your mortgage can vary depending on the type of mortgage you choose, how much you need to borrow, and the value of your current home. If you’re new to Tesco Bank mortgages we’ll ease some of the financial strain by paying your standard legal fees and your first standard valuation fee.

    Remortgage to renovate your home

    Perhaps you’re thinking about making some changes to improve your living space or increase the value of your home. It might be a dream kitchen, a loft extension, or a perfectly landscaped garden. Renovating your home could change your life – and your lifestyle. The good news is remortgaging can be one of the most cost-effective ways to borrow.

    To get a clearer picture, use our mortgage calculator.

    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.

    What other people have been asking

    About us

    Our partners

    Security and legal

    Copyright © 2016 Tesco Personal Finance plc


    Remortgage Deals – Remortgaging with Tesco Bank #rates #mortgage


    #remortgage

    #

    From our current account that likes to thank you as you spend, to our travel money delivered wherever it’s most convenient for you, we aim to give you banking the way you want it.

    Whether it’s to help manage your spending, spreading the costs of a one-off purchase, or the serious business of buying a house, we’ve got it covered.

    Our range of savings accounts can give you competitive rates and easy access, while our ISAs offer tax free saving for you and your children.

    Whether you’re protecting your car, your pets, your house, your loved ones, or just want to be safe on your travels, we have a comprehensive range of insurances with options that let you tailor your cover to your lifestyle.

    Calculators and comparison tables, jargon busters and top tips – our selection of tools and helpful information can help you get to grips with our products.

    If you’re already banking or have insurance with us and you’ve got a question, need some help, or want to know what’s available to you, you’ve come to the right place.

    Remortgage

    How much could you save by switching your mortgage?

    Your mortgage is probably your biggest financial commitment, so it’s worth exploring a remortgage deal from Tesco Bank. We know our rates are competitive so what’s the harm in taking a look? Our quick mortgage calculator works out what remortgage deals we could offer you and, if you want to borrow more, it can show you what your new monthly repayments would be.

    Be mortgage-free sooner

    You could pay off your mortgage early. During the initial rate period, you can overpay by up to 20% of the outstanding balance each year with no early repayment charge.

    Are you on the right mortgage?

    If you’ve had a mortgage for a while or your situation has changed, it’s worth thinking about whether a different type of mortgage might suit you better.

    We have a range of fixed and tracker rate mortgages that offer competitive rates of interest. For example, if you’re thinking about trying to pay off your mortgage early, you could save on your monthly repayments with a tracker mortgage when the Bank of England base rate is low. If the rate goes up, you might be better off with a fixed rate where you know what your payments will be during the initial fixed rate period.

    Before you apply, use our income and expenditure guide to help you understand your financial situation.

    If you’re self-employed, your accountant can use this certificate to record your income.

    Before you start your application, make sure that you have all the documentation you’ll need.

    One final thing. If your buildings and contents insurance is up for renewal it’s worth taking a look at our Home Insurance. We might be able to save you some money on your premiums.

    Tesco Bank Home Insurance is arranged and administered by Tesco Bank and is underwritten by a select range of insurers.

    Cut the cost of borrowing more

    Switch and save

    The cost of switching your mortgage can vary depending on the type of mortgage you choose, how much you need to borrow, and the value of your current home. If you’re new to Tesco Bank mortgages we’ll ease some of the financial strain by paying your standard legal fees and your first standard valuation fee.

    Remortgage to renovate your home

    Perhaps you’re thinking about making some changes to improve your living space or increase the value of your home. It might be a dream kitchen, a loft extension, or a perfectly landscaped garden. Renovating your home could change your life – and your lifestyle. The good news is remortgaging can be one of the most cost-effective ways to borrow.

    To get a clearer picture, use our mortgage calculator.

    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.

    What other people have been asking

    About us

    Our partners

    Security and legal

    Copyright © 2016 Tesco Personal Finance plc


    How does remortgaging work? Money Advice Service #mortgage #approval


    #remortgage

    #

    How does remortgaging work?

    Remortgaging is where you pay off your existing mortgage and switch to another lender. There are good reasons to consider remortgaging, but you need to consider the costs before you do.

    At a glance

    1. Check the value of your property. It may have increased in value since you last checked. The higher the property value in relation to the mortgage, the more deals may be available to you if you decide to remortgage – and you may be able to get cheaper deals.
    2. Check the market for mortgage deals. This is your starting point for comparing what you’re paying now with what you might be able to get elsewhere.
    3. Make sure the benefits of switching outweigh the costs. Even though there may be lower rates available you need to take into account any fees associated with switching and the remaining length of your loan.
    4. Take what you’ve found to a mortgage broker. They have access to mortgages that aren’t available on comparison sites so may be able to improve on what you’ve found. They’ll also double check the costs and benefits of switching. Ask for an advised service.
    5. Set a reminder to review your mortgage each year. If you remortgage you may get an introductory deal on your interest rate – when this ends you’ll usually be put on a less competitive variable rate.

    Check the market for mortgage deals

    Comparison websites are a good starting point when you’re trying to find a mortgage tailored to your needs.

    We recommend the following websites for comparing mortgages:

    • Comparison websites won’t all give you the same results, so make sure you use more than one site before making a decision.
    • It is also important to do some research into the type of product and features you need before making a purchase or changing supplier.

    Use our Mortgage affordability calculator to find out how much you can afford to borrow.

    Take advice

    Taking advice from a qualified expert offers you extra protection because if the mortgage turns out to be unsuitable, you can complain to the Financial Ombudsman Service (FOS).

    If you choose to go down the ‘execution-only’ route (where you make decisions on your own without advice), there will be fewer circumstances in which you can complain to FOS.

    When it pays to switch and when it doesn’t

    In the two examples below you can see how the size and remaining term of your outstanding mortgage can affect whether or not it’s worth switching.

    In the first example, the cost of switching (£500) is greater than the saving (£239.04), so there’s no point in remortgaging. In the second example, it’s clear that switching mortgage saves money.

    If you change your mortgage before the end of your deal you may have to pay a fee (called an ‘early repayment charge’).

    You can use the links below to check current deals and work out what you might save by switching. But remember to check associated fees and costs.

    Use our Mortgage calculator to see how much you could save by switching.

    Check the costs

    Before you switch be sure to check out the costs. Some lenders might offer fee-free deals to tempt you, but if they don’t you’ll have legal, valuation and administration costs to pay.

    You can use the Annual Percentage Rate of Charge (APRC) to help you compare deals. The APRC is a way of calculating interest rates that incorporates some mortgage related fees in the calculation, giving you a way to compare mortgage deals.

    What might look like a money saving deal could end up losing you money if you don’t do your sums first.

    Reducing your loan-to-value to get a better rate

    Every mortgage deal has a limit to how much you can borrow when compared with the current value of the property.

    This is shown as a percentage and is called the ‘loan-to-value’.

    When you remortgage, the lower the loan-to-value you need, the more deals that may be available to you – and you may be able to get cheaper mortgage deals.

    How to calculate your loan-to-value

    1. Divide your outstanding mortgage amount by your property’s current value.
    2. Multiply the result by 100.
    • Your outstanding mortgage is £150,000
    • Your lender thinks your property is worth £200,000
    • 150,000 divided by 200,000 = 0.75
    • 0.75 x 100 = 75 – so your loan-to-value is 75%

    Use the links below to get an idea of your home’s current value.

    Your lender’s valuation

    Bear in mind that when you apply for a mortgage, the lender’s valuation may just involve checking the outside of the property from the street.

    If you think the valuation is much too low – and that you’re losing out on a better rate as a result – ask the lender to reconsider.

    To support your case, you could provide evidence of the sale price of a few similar properties in your area and, if relevant, list the cost of any expensive home improvements you’ve carried out.

    If as a result of cost savings you can make by remortgaging, you’re wondering whether to pay off your mortgage early, read our guide below.

    Remortgaging to get a better interest rate

    When you take out a new mortgage, you normally get an introductory deal – for example a low fixed or discounted rate or a low tracker rate for the first few years of your mortgage.

    Introductory deals normally last for between two and five years. Once the deal ends you’ll probably be moved onto your lender’s standard variable rate, which will usually be higher than other rates that you might be able to get elsewhere.

    So when your introductory period ends, take a look at the market to see if switching to a new mortgage deal will save you money. It’s also worth reviewing options before interest rates change .

    Bear in mind that if you only have a small outstanding mortgage the amount you stand to save may be too low to make switching worthwhile.

    Remortgaging for more flexibility

    Remortgaging may also enable you to get a more flexible deal – for example if you want to overpay.

    Or maybe you want to switch to an offset or current account mortgage, where you use your savings to reduce the amount of interest you pay permanently or temporarily – and have the option to draw your savings back if you need them.

    Remortgaging to consolidate debt

    If you have a lot of debt, you might be tempted to borrow some extra money and use it to pay off your other debts.

    Even though interest rates on mortgages are normally lower than rates on personal loans – and much lower than credit cards – you may end up paying far more overall if the loan is over a longer term.

    Instead of adding your debt to your mortgage, try to prioritise and clear your loans separately.

    Share this article

    • Share this article on Facebook

    Share this article on Facebook

  • Share this article on Twitter
    Share this article on Twitter
  • Share this article by Email

    Share this article by Email

  • Government help if you can’t pay your mortgage


    How does remortgaging work? Money Advice Service #mortgage #comparison #calculator


    #remortgage

    #

    How does remortgaging work?

    Remortgaging is where you pay off your existing mortgage and switch to another lender. There are good reasons to consider remortgaging, but you need to consider the costs before you do.

    At a glance

    1. Check the value of your property. It may have increased in value since you last checked. The higher the property value in relation to the mortgage, the more deals may be available to you if you decide to remortgage – and you may be able to get cheaper deals.
    2. Check the market for mortgage deals. This is your starting point for comparing what you’re paying now with what you might be able to get elsewhere.
    3. Make sure the benefits of switching outweigh the costs. Even though there may be lower rates available you need to take into account any fees associated with switching and the remaining length of your loan.
    4. Take what you’ve found to a mortgage broker. They have access to mortgages that aren’t available on comparison sites so may be able to improve on what you’ve found. They’ll also double check the costs and benefits of switching. Ask for an advised service.
    5. Set a reminder to review your mortgage each year. If you remortgage you may get an introductory deal on your interest rate – when this ends you’ll usually be put on a less competitive variable rate.

    Check the market for mortgage deals

    Comparison websites are a good starting point when you’re trying to find a mortgage tailored to your needs.

    We recommend the following websites for comparing mortgages:

    • Comparison websites won’t all give you the same results, so make sure you use more than one site before making a decision.
    • It is also important to do some research into the type of product and features you need before making a purchase or changing supplier.

    Use our Mortgage affordability calculator to find out how much you can afford to borrow.

    Take advice

    Taking advice from a qualified expert offers you extra protection because if the mortgage turns out to be unsuitable, you can complain to the Financial Ombudsman Service (FOS).

    If you choose to go down the ‘execution-only’ route (where you make decisions on your own without advice), there will be fewer circumstances in which you can complain to FOS.

    When it pays to switch and when it doesn’t

    In the two examples below you can see how the size and remaining term of your outstanding mortgage can affect whether or not it’s worth switching.

    In the first example, the cost of switching (£500) is greater than the saving (£239.04), so there’s no point in remortgaging. In the second example, it’s clear that switching mortgage saves money.

    If you change your mortgage before the end of your deal you may have to pay a fee (called an ‘early repayment charge’).

    You can use the links below to check current deals and work out what you might save by switching. But remember to check associated fees and costs.

    Use our Mortgage calculator to see how much you could save by switching.

    Check the costs

    Before you switch be sure to check out the costs. Some lenders might offer fee-free deals to tempt you, but if they don’t you’ll have legal, valuation and administration costs to pay.

    You can use the Annual Percentage Rate of Charge (APRC) to help you compare deals. The APRC is a way of calculating interest rates that incorporates some mortgage related fees in the calculation, giving you a way to compare mortgage deals.

    What might look like a money saving deal could end up losing you money if you don’t do your sums first.

    Reducing your loan-to-value to get a better rate

    Every mortgage deal has a limit to how much you can borrow when compared with the current value of the property.

    This is shown as a percentage and is called the ‘loan-to-value’.

    When you remortgage, the lower the loan-to-value you need, the more deals that may be available to you – and you may be able to get cheaper mortgage deals.

    How to calculate your loan-to-value

    1. Divide your outstanding mortgage amount by your property’s current value.
    2. Multiply the result by 100.
    • Your outstanding mortgage is £150,000
    • Your lender thinks your property is worth £200,000
    • 150,000 divided by 200,000 = 0.75
    • 0.75 x 100 = 75 – so your loan-to-value is 75%

    Use the links below to get an idea of your home’s current value.

    Your lender’s valuation

    Bear in mind that when you apply for a mortgage, the lender’s valuation may just involve checking the outside of the property from the street.

    If you think the valuation is much too low – and that you’re losing out on a better rate as a result – ask the lender to reconsider.

    To support your case, you could provide evidence of the sale price of a few similar properties in your area and, if relevant, list the cost of any expensive home improvements you’ve carried out.

    If as a result of cost savings you can make by remortgaging, you’re wondering whether to pay off your mortgage early, read our guide below.

    Remortgaging to get a better interest rate

    When you take out a new mortgage, you normally get an introductory deal – for example a low fixed or discounted rate or a low tracker rate for the first few years of your mortgage.

    Introductory deals normally last for between two and five years. Once the deal ends you’ll probably be moved onto your lender’s standard variable rate, which will usually be higher than other rates that you might be able to get elsewhere.

    So when your introductory period ends, take a look at the market to see if switching to a new mortgage deal will save you money. It’s also worth reviewing options before interest rates change .

    Bear in mind that if you only have a small outstanding mortgage the amount you stand to save may be too low to make switching worthwhile.

    Remortgaging for more flexibility

    Remortgaging may also enable you to get a more flexible deal – for example if you want to overpay.

    Or maybe you want to switch to an offset or current account mortgage, where you use your savings to reduce the amount of interest you pay permanently or temporarily – and have the option to draw your savings back if you need them.

    Remortgaging to consolidate debt

    If you have a lot of debt, you might be tempted to borrow some extra money and use it to pay off your other debts.

    Even though interest rates on mortgages are normally lower than rates on personal loans – and much lower than credit cards – you may end up paying far more overall if the loan is over a longer term.

    Instead of adding your debt to your mortgage, try to prioritise and clear your loans separately.

    Share this article

    • Share this article on Facebook

    Share this article on Facebook

  • Share this article on Twitter
    Share this article on Twitter
  • Share this article by Email

    Share this article by Email

  • Government help if you can’t pay your mortgage


    Remortgage Deals – Remortgaging with Tesco Bank #freedom #mortgage


    #remortgage

    #

    From our current account that likes to thank you as you spend, to our travel money delivered wherever it’s most convenient for you, we aim to give you banking the way you want it.

    Whether it’s to help manage your spending, spreading the costs of a one-off purchase, or the serious business of buying a house, we’ve got it covered.

    Our range of savings accounts can give you competitive rates and easy access, while our ISAs offer tax free saving for you and your children.

    Whether you’re protecting your car, your pets, your house, your loved ones, or just want to be safe on your travels, we have a comprehensive range of insurances with options that let you tailor your cover to your lifestyle.

    Calculators and comparison tables, jargon busters and top tips – our selection of tools and helpful information can help you get to grips with our products.

    If you’re already banking or have insurance with us and you’ve got a question, need some help, or want to know what’s available to you, you’ve come to the right place.

    Remortgage

    How much could you save by switching your mortgage?

    Your mortgage is probably your biggest financial commitment, so it’s worth exploring a remortgage deal from Tesco Bank. We know our rates are competitive so what’s the harm in taking a look? Our quick mortgage calculator works out what remortgage deals we could offer you and, if you want to borrow more, it can show you what your new monthly repayments would be.

    Be mortgage-free sooner

    You could pay off your mortgage early. During the initial rate period, you can overpay by up to 20% of the outstanding balance each year with no early repayment charge.

    Are you on the right mortgage?

    If you’ve had a mortgage for a while or your situation has changed, it’s worth thinking about whether a different type of mortgage might suit you better.

    We have a range of fixed and tracker rate mortgages that offer competitive rates of interest. For example, if you’re thinking about trying to pay off your mortgage early, you could save on your monthly repayments with a tracker mortgage when the Bank of England base rate is low. If the rate goes up, you might be better off with a fixed rate where you know what your payments will be during the initial fixed rate period.

    Before you apply, use our income and expenditure guide to help you understand your financial situation.

    If you’re self-employed, your accountant can use this certificate to record your income.

    Before you start your application, make sure that you have all the documentation you’ll need.

    One final thing. If your buildings and contents insurance is up for renewal it’s worth taking a look at our Home Insurance. We might be able to save you some money on your premiums.

    Tesco Bank Home Insurance is arranged and administered by Tesco Bank and is underwritten by a select range of insurers.

    Cut the cost of borrowing more

    Switch and save

    The cost of switching your mortgage can vary depending on the type of mortgage you choose, how much you need to borrow, and the value of your current home. If you’re new to Tesco Bank mortgages we’ll ease some of the financial strain by paying your standard legal fees and your first standard valuation fee.

    Remortgage to renovate your home

    Perhaps you’re thinking about making some changes to improve your living space or increase the value of your home. It might be a dream kitchen, a loft extension, or a perfectly landscaped garden. Renovating your home could change your life – and your lifestyle. The good news is remortgaging can be one of the most cost-effective ways to borrow.

    To get a clearer picture, use our mortgage calculator.

    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.

    What other people have been asking

    About us

    Our partners

    Security and legal

    Copyright © 2016 Tesco Personal Finance plc