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Tesco Bank Introduces New Mortgage Rates for Home Buyers
Tesco Bank is helping more customers make a move on the property ladder by introducing a selection of new 2, 3 and 5 year fixed rate mortgage products for home buyers.
The new rates, which are available to customers purchasing a home, are among the most competitive in the market and include:
- 1.89% for the 60% LTV fixed for 5 years with £995 product fee
- 2.14% for the 60% LTV fixed for 5 years with no product fee
- 1.94% for the 80% LTV fixed for 2 years with no product fee
- 2.13% for the 85% LTV fixed for 2 years with no product fee
David McCreadie, Managing Director at Tesco Bank, commented:
“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.”
Tesco Bank mortgage products reward the loyalty of customers with Clubcard points as they repay their mortgage. Customers can collect one Clubcard point for every £4 on their monthly repayments*. Customers also have the flexibility to make regular or lump sum overpayments of up to 20% of the outstanding balance each year during the initial rate period, without having to pay an Early Repayment Charge.
The following new range of mortgage products for new home buyers are available through Tesco Bank and Tesco Mortgage Intermediaries.
| Product | Max LTV | Fee Product | Product Fee | APR | No Fee Product | APR |
| 2 year fixed until31/10/2018 | 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% |
All products will move onto the Tesco Bank Standard Variable Rate (currently 3.89%) at the end of the initial fixed or tracker rate period. Early Repayment Charges may apply during the initial fixed or tracker rate period.
The full range of Tesco Mortgage products for home buyers and those remortgaging is available http://www.tescobank.com/mortgages
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