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Tesco refreshes mortgage range

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  • 31/01/2013
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Tesco refreshes mortgage range
Tesco Bank has relaunched its direct mortgage range, which includes a 2.28% two-year fixed rate at 60% Loan to Value (LTV) and 2.89% for a 70% LTV five-year fix.

Both products offer application fees of £1,495.

The new range also includes a five-year fixed rate at 80% LTV at 3.79%, down from 4.39% and the two-year fixed rate at 70% LTV is available at 2.39%.

All customers receive one Clubcard point for every £4 of repayments.

David McCreadie, managing director of banking, said: “We are delighted to be offering a new range of competitive mortgages, particularly as we enter one of the busier periods for the housing market. These products combine competitive rates and fees with the ‘thank-you’ of Clubcard points and underline our commitment to meeting the financial services needs of Tesco customers.”

Exclusively in Mortgage Solutions earlier this week, broker John Charcol’s senior technical manager Ray Boulger said Tesco would be forced to turn to the intermediary market this year to fulfil its lending targets.

Tesco launched into the UK mortgage marekt on 6 August last year and  promised to lend £1bn at “affordable rates” supported by the FLS subsidy.

 

 

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