Tesco Bank launches new mortgage rates

Tesco Bank has announced three new fixed rate mortgage products over two, three and five years at 60% LTV which offer competitive rates and fees.  At the same time, rates on its range of tracker mortgages have been significantly reduced.  All other products remain unchanged.
 
Tesco Bank's 2yr, 3yr, 5yr Fixed Rate Mortgage, and two year base rate tracker provide customers with a choice of straightforward fees.  In addition to good value and great service, customers taking out a mortgage with Tesco Bank will also receive a ‘thank you' with Clubcard points as they repay their mortgage, collecting one point for every £4 on their monthly mortgage repayments.

Announcing the new rates, David McCreadie, Managing Director of Banking, commented: "The new fixed rate and tracker products we have announced today provide outstanding value to customers. We aim to provide customers with a combination of strong rates, competitive fees and the ‘thank you' of Clubcard points, that puts us in a unique position to meet the needs of Tesco customers."

Tesco Bank mortgage products are straightforward:

All provide customers with 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.

Customers opting for a tracker mortgage can take advantage of a ‘switch and fix' facility that allows them to move to a fixed rate if they require greater financial certainty.

Customers can apply for up to two payment holidays per year.

Those remortgaging will benefit from free standard legal fees and the first standard valuation.

All products will move onto the Tesco Bank Standard Variable Rate (currently 4.24%) at the end of the initial fixed or tracker rate period. Early Repayment Charges apply during the initial rate period.
 
For more information on mortgages, visit tescobank.com.