Tesco Bank has reduced the rates on a selection of its two-year and five-year fixed rate remortgage products.
The new rates include a two-year fix with an interest rate of 1.79% and an 80% loan-to-value (LTV) with no product fee.
The five-year fixed rate mortgage has an interest rate of 2.29% and an 80% LTV with no product fee.
David McCreadie, managing director at Tesco Bank, said: “At Tesco Bank, we are committed helping to make it more affordable for customers to buy or remortgage their home, and we are pleased to reduce the rates on a selection of our two-year and five-year remortgage products, as well as introduce free valuations on some of our two-year house purchase products.”
Tesco Bank mortgage customers can collect one Clubcard point for every £4 on their monthly repayments.
Customers also have the 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.
All remortgage products from Tesco Bank also include free valuation and free conveyancing.
The following new mortgage products are available through Tesco Bank and Tesco Mortgage Intermediaries:
Product |
Max LTV |
House Purchase (HP) or Re-mortgage (RM) |
Rate |
Product fee |
APR |
Two-year fixed until 31/05/2019 |
75%80%80% |
HPHPRM |
1.64%1.89%1.79% |
£0£0£0 |
3.6%3.6%3.6% |
Five-year fixed until31/05/2022 |
80%80% |
RMRM |
2.29%2.19% |
£0£995 |
3.3%3.3%
|
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