Tesco Secured Loans
About Tesco Secured Loans
With a Tesco bank Mortgage,you can apply for a secured loan after you’ve made six monthly payments. Additional borrowing from Tesco is currently only available on their Standard Variable Rate. A secured loan will essentially involve taking out a second mortgage on your home.
The amount that you can borrow, the interest charged and the loan term are likely to depend on your personal circumstances, market conditions and the value of your property.
Tesco Secured Loan Requirements
- The minimum amount you can borrow is £5,000 and fees may apply.
- Tesco will need to check that you can afford to repay any additional borrowing.
- Tesco will also need to check that it wont increase your total mortgage above their maximum loan to value or increase your mortgage term.
- Additional borrowings will increase the total amount you owe, the interest payable and your monthly repayments.
- You must already have a mortgage with Tesco Bank
- You must be at least 18 years old.
Considerations before taking out a Tesco secured loan
Taking out a secured loan is a big decision, and as a result you should weigh up any alternatives that may be better for your personal situation. Failure to meet repayments can result in your property being repossessed; which is why we urge you to speak with a mortgage broker before you commit to a secured loan, who can analyse your situation and give you unbiased advice and guidance to ensure you make the best decision for your future. Additionally, a mortgage broker can help you compare leading rates, and help find a loan that has realistic repayment terms for you.
If you would like to find out more about a Tesco secured loan, or would like any assistance or advice we have partnered with Fluent Loans the largest secured loan brokerage in the UK.
Click here for the best UK secured loan deals from £3,000.