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.
The fixed rates as follows:
2 year fixed rate
- Up to 60% LTV
- 1.74% initial rate (with £1,300 product fee option)
- 3.9% APR
- £195 non-refundable booking fee
3 year fixed rate
- Up to 60% LTV
- 2.29% initial rate (with £1,300 product fee option)
- 3.9% APR
- £195 non-refundable booking fee
5 year fixed rate
- Up to 60% LTV
- 2.49% initial rate (with £1,300 product fee option)
- 3.8% APR
- £195 non-refundable booking fee
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."
