Tesco Bank has launched its first 95% loan-to-value (LTV) mortgage range with rates starting from 4.49% aimed at helping first-time buyers get onto the property ladder.
Tesco’s have introduced two, three and five year fixed rate products are available up to 95% LTV with no product fee but a non-refundable booking fee is paid on application.
Borrowers can make regular or lump sum overpayments of up to 20% of the outstanding balance without incurring a penalty. The products are also available to remortgage borrowers.
Tesco’s Managing director David McCreadie said: “We appreciate that it can be difficult for customers to buy their first home, and hope that the combination of competitive rates and no fee will help more and more customers get onto the property ladder for the first time.”
