The range, available through Tesco Bank and Tesco mortgage intermediaries, includes two, three and five-year fixed rate mortgage products.
These include 1.89% for a 60% LTV fixed for five years, with a £995 product fee, as well as 2.13% for the 85% LTV fixed for 2 years with no product fee.
Tesco entered the mortgage intermediary market earlier this year and said it wants to reward the loyalty of its customers by giving them Tesco club-card points as they repay their mortgage.
| Product | Max LTV | Fee Product | Product Fee | APR | No Fee Product | APR | |||||
| 2 year fixed until 31/10/2018 |
|
1.34%
1.54% 1.54% 1.64% |
£1,300
£1,300 £995 £995 |
3.6%
3.6% 3.6% 3.6% |
1.74%
1.94% 1.94% 2.13% |
3.6%
3.6% 3.6% 3.7% |
|||||
| 3 year fixed until
31/10/2019 |
|
1.89% |
|
|
|
|
|||||
| 5 year fixed until
31/10/2021 |
60% | 1.89%** | £995 | 3.2% |
|
3.3% |
**Product is available to both house purchase and remortgage customers.
***Product is available to both house purchase and remortgage customers.
The new products will move onto the Tesco Bank standard variable rate, currently at 3.39%, at the end of the initial fixed period.
Customers can make regular repayments or lump-sum overpayments of up to 20% of the outstanding balance, without having to pay an early repayment charge.
David McCreadie, managing director at Tesco Bank, said: “We want to make it easier for customers to buy their home, and our new selection of competitive mortgage rates helps to make a new house purchase more affordable for customers as they take their next steps on the property ladder.”
