Tesco Bank has reduced the rates on a selection of its two year and five-year fixed rate mortgage products.
The new rates include:
- 1.88% for the 85% LTV fixed for two years with no product fee
- 1.78% for the 80% LTV fixed for two years with no product fee
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 |
| Five-year fixed until 31/07/2019 | 80%
85% |
HP
HP |
1.78%
1.88% |
£0
£0
|
3.6%
3.7%
|
| Five-year fixed until
31/07/2022 |
75%
75% 80% 80% |
HP
RM HP RM |
1.94%
1.99% 2.11% 2.14% |
£995
£995 £995 £995 |
3.2%
3.2% 3.3% 3.3% |
David McCreadie, managing director at Tesco Bank, said: “At Tesco Bank, we want to help customers to buy or remortgage their home, and we are pleased to introduce our new reduced rates on a selection of our two-year and five-year mortgage products. Alongside our competitive rates, we also offer customers the unique added benefit of collecting Clubcard points on their mortgage repayments.”
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.
All products will move onto the Tesco Bank standard variable rate (currently 3.89%) at the end of the initial fixed rate period. Early repayment charges may apply during the initial fixed rate period.
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