Tesco Bank cuts mortgage rates

Tesco Bank has cut mortgage rates on a number of its products this week.

The bank has cut rates by up to 0.4 per cent across its range of two-year, three-year and five-year fixed rate products and two-year tracker products. tracker products. Tescos says the new rates make the mortgages among the most competitive currently available.

The highlights of the new range include:

– 1.69 per cent for the two-year fixed 60 per cent loan-to-value product

– Flexibility to make regular or lump sum overpayments of up to 20 per cent of the outstanding balance per annum during the initial rate period, without having to pay an Early Repayment Charge

– Customers taking out a mortgage with Tesco Bank will receive a thank-you with Clubcard points as they repay their mortgage, collecting one point for every £4 on their monthly repayments.

David McCreadie, managing director of banking at Tesco Bank, comments: “We want to help our customers make the most important purchase of their life, which is why we are very pleased to offer these great value mortgage rates. Customers taking a mortgage with Tesco Bank receive award winning service, competitive rates and the unique thank-you of Clubcard points on their repayments.