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Tesco Bank refreshes mortgage range

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  • 13/02/2014
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Tesco Bank refreshes mortgage range
Tesco Bank has unveiled a new range of mortgage products with several rate cuts in higher LTV bands.

The supermarket giant’s new range will include a two-year fixed rate product at 80% at 2.19% (was 2.29%) with an £1,300 fee or 2.59% (was 2.69%) for the fee-free equivalent.

At 85% LTV the direct-only lender will offer a two-year fix fee-free for 2.99% (was 3.19%) and 2.59% (was 2.79%) with an £1,300 fee.

At the same time the lender has increased rates on some of its products with its three-year fix at 85% LTV rising 10bps to 3.39% and its two-year fix at 70% LTV increasing by the same amount to 1.99%.

David McCreadie, managing director of banking at Tesco Bank, said: “The new products reflect our commitment to offer a range of highly competitive mortgages for Tesco customers.

“At present, customers tend to be looking for great rates at a higher loan-to-value and our new rates respond to this demand, while continuing to offer a range of highly competitive products that reward loyalty.”

Fixed rate mortgages        
Product Max LTV £1,300 product fee option No product fee option Non-refundable booking fee
Two-year fixed 60% 1.64%
(no change)
2.39%
(was 2.29%)
 
  70% 1.99%
(was 1.89%)
2.39%
(was 2.29%)
 
  75% 2.19%
(was 1.99%)

2.59%
(was 2.39%)

£195
  80% 2.19%
(was 2.29%)
2.59%
(was 2.69%)
 
  85% 2.59%
(was 2.79%)
2.99%
(was 3.19%)
 
Three-year fixed 60% 2.39%
(was 2.19%)
2.79%
(was 2.59%)
 
  70% 2.39%
(was 2.29%)
2.79%
(was 2.59%)
£195
  75% 2.39%
(was 2.29%)
2.79%
(was 2.59%)
 
  80% 2.65%
(was 2.69%)
3.05%
(was 2.99%)
 
  85% 2.99%
(no change)
3.39%
(was 3.29%)
 
Five-year fixed 60% 2.99%
(no change)
3.39%
(no change)
 
  70% 2.99%
(no change)
3.39%
(no change)
£195
  75% 3.09%
(no change)
3.49%
(no change)
 
  80% 3.49%
(was 3.69%)
3.89%
(was 4.09%)
 
  85% 3.69%
(was 3.79%)
4.09%
(was 4.19%)
 
         
Tracker mortgages        
Product Max LTV £800 product fee option No product fee option Non-refundable booking fee
Two-year tracker 60% BoE +1.25%
(no change)
BoE +1.75%
(no change)
£195
  70% BoE +1.55%
(no change)
BoE +2.05%
(no change)
£195
  75% BoE +1.55%
(no change)
BoE +2.05%
(no change)
£195
  80% BoE +1.65%
(was +1.95%)
BoE +2.15%
(was +2.45%)
£195
  85% BoE +1.95%
(was +2.45%)
BoE +2.45%
(was +2.95%)
£195

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