Tesco Mortgages Review in Rapkyns

Tesco used to act as a lender and offer various mortgages to its borrowers. 

Tesco mortgages ran from 2012 to May 2019. 

It was in September 2019 that Tesco sold its entire mortgage portfolio to Halifax. 

What will happen to my Tesco mortgage?

Tesco sold its entire mortgage database to Halifax; therefore, your mortgage will now be handled by Halifax as your lender. 

The new buyer, Halifax, must meet the terms and conditions originally laid out by Tesco. 

So, your interest rate, fixed-rate mortgage, and confirmed monthly payments will not change; the only thing that changes is who you send your monthly instalments. 

What happens to variable rate Tesco mortgages when they get sent to a new lender?

If you are on a standard variable rate mortgage, your rates may increase when you change lenders. 

The lender's standard variable rate varies depending on the mortgage provider. If Halifax's SVR is higher than Tesco's, your rates may change. 

On the other hand, your interest rate could be lowered if Halifax's SVR is below Tesco's. 

The Financial Conduct Authority ensures all lenders operate fairly, so your new rates will never be extortionate. 

When will my Tesco mortgage be sent to a new lender?

Any existing Tesco mortgages will have been transferred to Halifax already. 

You should have received communications from Tesco informing you of the switch of lender. 

More Information

If you require any support with Halifax house loans or discover the right mortgage plan in Rapkyns for you, we would be happy to supply some specialist advice.

Be sure to contact our staff to talk about the options and get specialist help. We have application forms on our website so that you can easily enter your details into them, and we will receive an email about it.

When we get an email with your name, number, postcode and the detail of what service you are looking for, we can start helping you.

We work a lot of the time from our emails as it is not always necessary to visit a client to go through the same details as what we can do via email.

If there is anything which you are unsure about, just let us know, and we can try and get it sorted for you.