Tesco Bank has launched three new fixed rate mortgage products over two, three and five years at 60% LTV.
In addition, rates on its range of tracker mortgages have been significantly reduced. All other products remain unchanged.
Customers taking out a mortgage with Tesco Bank will also receive Clubcard points as they repay their mortgage, collecting one point for every £4 on their monthly mortgage repayments.
New fixed rate products:
| Product | Max LTV | £1,300 Product Fee Option
Initial Rate
|
APR | Non-refundable booking fee |
| 2 Year Fixed | 60% | 1.74% | 3.9 | £195 |
| 3 Year Fixed | 60% | 2.29% | 3.9 | £195 |
| 5 Year Fixed | 60% | 2.49% | 3.8 | £195 |
New tracker products:
| Product | Max LTV | £800 Product Fee Option Initial Rate | APR | £195 Product Fee Option Initial Rate | APR | Non-refundable booking fee |
| 2 year Tracker | 70%
75%
80%
|
BoE +1.45%
(previously +2.45)
BoE +1.75%
(previously +2.69%)
BoE +2.25%
(previously +3.29%)
|
4.0
4.0
4.1
|
BoE +1.95%
(previously 2.95%)
BoE +2.25%
(previously 3.19%)
BoE +2.75%
(previously 3.79%)
|
4.0
4.1
4.2
|
£195
|
David McCreadie, managing director of banking, said: “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.”