Tesco Bank is yet another lender coming out with a new round of rate cuts in its fixed mortgages portfolio.
The bank has reduced the rates on two-, three- and five-year fixed products by up to 0.5 percentage points. Rates on two-year tracker mortgages have also been lowered.
During the initial rate period, customers can make regular or lump sum overpayments of up to 20 per cent of the outstanding balance per year on all Tesco mortgages without paying an early repayment charge.
The new offers include:
| Product | Max LTV | Fee Product (Product Fee + £195 non-refundable booking fee applies) | Product Fee | APR | No Fee Product (No Product Fee. £195 non-refundable booking fee applies) | APR |
| 2 year fixed | 60%75%80%85%90% | 1.49% (-0.20%)1.59% (-0.20%)1.99% (-0.20%)2.29% (-0.20%)2.99% (-0.50%) | £800£800£800£800£800 | 3.9%3.9%4.0%4.0%4.2% | 1.79% (-0.20%)1.89% (-0.30%)2.29% (-0.20%)2.59% (-0.20%)3.29% (-0.50%) | 3.9%3.9%4.0%4.0%4.2% |
| 3 year fixed | 70%75%80%85%90% | 2.09% (-0.20%)2.29% (-0.20%)2.59% (0.00%)2.89% (-0.10%)3.49% (-0.50%) | £800£800£800£800£800 | 3.8%3.9%3.9%4.0%4.2% | 2.29% (-0.20%)2.49% (-0.20%)2.79% (0.00%)3.09% (-0.10%)3.69% (-0.50%) | 3.8%3.9%4.0%4.0%4.2% |
| 5 year fixed | 60%75%80%85%90% | 2.39% (-0.40%)2.69% (-0.10%)2.99% (0.00%)3.39% (-0.10%)3.99% (-0.30%) | £800£800£800£800£800 | 3.6%3.7%3.9%4.0%4.3% | 2.49% (-0.40%)2.79% (-0.10%)3.09% (0.00%)3.49% (-0.10%)4.09% (-0.30%) | 3.6%3.7%3.9%4.0%4.3% |
| 2 year tracker | 70%75%85% | 1.25% (-0.25%)1.50% (-0.25%)1.75% (-0.50%) | £800£800£800 | 3.8%3.9%3.9% | 1.75% (-0.25%)2.00% (-0.25%)2.25% (-0.50%) | 3.9%3.9%4.0% |
All products will move onto the Tesco Bank Standard Variable Rate (currently 4.24%) at the end of the initial fixed or tracker rate period. Early Repayment Charges may apply during the initial fixed or tracker rate period.
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