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Tesco Bank launches competitive mortgage range

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  • 28/09/2016
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Tesco Bank launches competitive mortgage range
Tesco Bank has cut its rates and launched on a range of fixed mortgages.

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

60%

75%

80%

85%

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

60%

1.89%
£995
3.5 %
2.14%
3.5%
5 year fixed until

31/10/2021

60% 1.89%** £995 3.2%
2.14%***
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.”

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