Tesco Bank has introduced a range of new mortgages. The highlights of the new range include:
Mortgage Rates:
| Product | Max LTV | £1,300 Product Fee Option Initial Rate | APR | No Product Fee Option Initial Rate | APR | Non-refundable booking fee |
| 2 Year Fixed | 60%70% 75% 80% 85% | 1.89% (was 2.19%)2.19% (no change) 2.39% (no change) 2.69% (no change) 3.19% (no change) | 4.0%4.0% 4.1% 4.1% 4.2% | N/A2.59% 2.79% 3.09% 3.59% | N/A4.0% 4.1% 4.1% 4.2% | £195 |
| 3 Year Fixed | 70%75% 80% 85% | 2.49% (was 2.59%)2.89% (no change) 3.19% (no change) 2.59% (no change) | 3.9%4.1% 4.1% 4.2% | 2.89%3.29% 3.59% 3.99% | 4.0%4.1% 4.2% 4.3% | £195 |
| 5 Year Fixed | 70%75% 80% 85% | 3.19% (was 3.29%)3.29% (was 3.49%) 3.79% (no change) 4.09% (no change) | 4.0%4.0% 4.2% 4.4% | 3.59%3.69% 4.19% 4.49% | 4.1%4.1% 4.3% 4.5% | £195 |
| Product | Max LTV | £800 Product Fee Option Initial Rate | APR | No Product Fee Option Initial Rate | APR | Non-refundable booking fee |
| 2 Year Base Rate Tracker | 60%70% 75% 85% | 1.50% (was 1.75%)1.75% (was 2.05%) 2.00% (was 2.05%) 2.25% (was 2.45%) | 3.9%3.9% 4.0% 4.0% | 2.00%2.25% 2.50% 2.75% | 4.0%4.0% 4.1% 4.1% | £195 |
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 may apply during the initial fixed or tracker rate period.
In addition, 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 monthly repayments.
David McCreadie, managing director for banking at Tesco Bank, said: “We are delighted to launch these new mortgage products, which we believe reflect our commitment to offer a range of highly competitive mortgages for Tesco customers. “
