Tesco Bank has launched its first mortgage products at 95 per cent loan-to-value (LTV), offering mortgages fixed for two, three and five years.
The highlights of the new product range include:
- Mortgages of up 95% LTV, with no product fee (£195 non-refundable booking fee applies)
- A competitive range of products, starting from 4.49%, fixed until 31/08/2017
- Flexibility to make regular or lump sum overpayments of up to 20% of the outstanding balance each year during the initial rate period, without having to pay an Early Repayment Charge
- Customers can collect one point for every £4 on their monthly repayments*
- Available for first-time buyers and those looking to remortgage
David McCreadie, Managing Director, Banking at Tesco Bank, commented:
“We are delighted to extend our mortgage range by offering 95 per cent LTV mortgages, which further widens the options available to customers. We appreciate that it can be difficult for customers to buy their first home, and hope that the combination of competitive rates and no fee will help more and more customers get onto the property ladder for the first time.”
*
Tesco’s new 95 per cent LTV mortgage rates are as follows:
| Product | Max LTV | No Fee Product (No Product Fee. £195 non-refundable booking fee applies) | APR | End Date |
| 2 year fixed | 95% | 4.49% | 4.4% | 31/08/2017 |
| 3 year fixed | 95% | 4.99% | 4.6% | 31/08/2018 |
| 5 year fixed | 95% | 4.99% | 4.7% | 31/08/2020 |
All products will move onto the Tesco Bank Standard Variable Rate (currently 4.24 per cent) at the end of the initial fixed rate period. Early Repayment Charges may apply during the initial fixed or tracker rate period.
