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Tesco Bank scraps product fee on 95% LTV mortgages

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  • 25/01/2016
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Tesco Bank scraps product fee on 95% LTV mortgages
Tesco Bank has removed the product fee on its 95% loan-to-value (LTV) mortgage range which includes two, three and five-year fixed rate products.

The deals, which are available direct-only, reward the loyalty of customers with Clubcard points as they repay their mortgage.

Customers can make regular or lump sum overpayments of up to 20% of the outstanding balance each year during the initial repayment period without being subject to an Early Repayment Charge.

Highlights from the range include a two-year fixed rate starting from 3.89%, three-year fix from 4.49% and five-year fix with an initial rate of 4.49%.

First-time buyers, home movers and remortgagors have access to the loans, with free standard legal fees and standard valuation.

All products will move onto the Tesco Bank Standard Variable Rate which is currently set at 4.24%, at the end of the initial fixed or tracker rate period. Early Repayment Charges may apply during the initial fixed or tracker rate period.

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