Tesco Bank has introduced two new five-year fixed rate remortgage products.
It has also reduced the rates across a selection of its two, three and five-year fixed rate house purchase and remortgage products.
The following new house purchase and remortgage products are available through Tesco Bank and Tesco Mortgage Intermediaries:
| Product | Max LTV | House Purchase (HP) or Remortgage (RM) | Rate | Product Fee | APR |
| 2 year fixed until 30/09/2019 | 75% 80% 85% 85% 90% 90% 90% 90% | RM RM RM RM HP HP RM RM | 1.74% 1.74% 1.54% 1.88% 2.14% 2.49% 2.14% 2.49% | £0 £0 £995 £0 £995 £0 £995 £0 | 3.6% 3.6% 3.6% 3.6% 3.7% 3.7% 3.7% 3.7% |
| 3 year fixed until 30/09/2020 | 60% 75% 75% 80% 85% 85% 90% 90% | RM RM RM RM RM HP RM RM | 1.88% 1.84% 2.02% 2.18% 2.44% 2.44% 2.75% 2.99% | £0 £995 £0 £0 £0 £0 £995 £0 | 3.4% 3.5% 3.5% 3.5% 3.6% 3.5% 3.5% 3.6% |
| 5 year fixed until 30/09/2022 | 60% 75% 75% 75% 80% 80% 85% 85% 85% 85% 90% 90%
| RM HP RM RM RM RM HP HP RM RM RM RM | 1.88%* 1.90% 1.84% 2.02% 2.04% 2.18%** 2.29% 2.45% 2.29% 2.44% 2.75% 2.99% | £0 £995 £995 £0 £995 £0 £995 £0 £995 £0 £995 £0 | 3.1% 3.2% 3.2% 3.2% 3.2% 3.5% 3.3% 3.4% 3.3% 3.4% 3.5% 3.6% |
All products will move onto the Tesco Bank Standard Variable Rate (currently 3.89%) at the end of the initial fixed rate period. Early Repayment Charges may apply during the initial fixed rate period.
Tesco Bank Mortgage customers can collect one Clubcard point for every £4 on their monthly repayments. Customers can also 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.
All house purchase and remortgage products from Tesco Bank also include free valuation.
David McCreadie, managing director at Tesco Bank, said: “We are always looking to deliver great value mortgages and so as more customers look to take fixed rate mortgages, I am delighted that we can respond by offering these market-leading rates as well as reducing our rates on a selection of our two year, three year and five year products to help customers’ money go that little bit further.
“As an extra little help, Tesco Bank Mortgage customers also collect Clubcard points on their mortgage repayments giving them access to the great benefits provided by Tesco Reward partners including family meals and days out.”
