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Tesco Bank Introduces its Lowest Ever Tracker Rate Mortgage
Tesco Bank has introduced its lowest ever tracker rate mortgage and reduced the rates on a selection of its 2, 3 and 5 year fixed rate products to help make it easier for customers to make a move on the property ladder or remortgage their current property.
The new rates include some of the most competitive mortgage products available:
- 0.98% for the 60% LTV 2 year tracker with £1,495 product fee
- 1.92% for the 60% LTV fixed for 5 years with no product fee
- 2.12% for the 75% LTV fixed for 5 years with no product fee
David McCreadie, Managing Director at Tesco Bank, commented:
“We are pleased to introduce our new reduced rates on a selection of our 2, 3, 5 year and tracker mortgage products to help customers buy or remortgage their home. Alongside our competitive rates, we also offer customers the unique added benefit of collecting Clubcard points on their mortgage repayments.”
To help customers make their money go that little bit further, Tesco Bank Mortgage customers can collect one Clubcard point for every £4 on their monthly repayments.*Customers also have 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. All remortgage products from Tesco Bank also include free valuation and free conveyancing.
The following new mortgage products are available through Tesco Bank and Tesco Mortgage Intermediaries:
| Product | Max LTV | House Purchase (HP) or Re-mortgage (RM) | Rate | Product Fee | APR |
| 2 year fixed until31/07/2019 | 75% | HP
|
1.24%**
|
£995
|
3.5% |
| 3 year fixed until
31/07/2020 |
60%
60% 75% 75% 80% |
RM
RM HP RM RM |
1.70%
1.90% 2.14% 2.09% 2.24% |
£995
£0 £0 £0 £0 |
3.4%
3.4% 3.5% 3.5% 3.3% |
| 5 year fixed until 31/07/2022 | 60%
60% 75% 80% |
RM
RM RM RM |
1.82%
1.92% 2.12% 2.24% |
£995
£0 £0 £0 |
3.2%
3.2% 3.2% 3.3% |
| 2 year tracker rate until 31/07/2019 | 60%
75% 80% |
HP
HP HP |
0.98%
1.50% 1.60% |
£1,495
£995 £995 |
3.5%
3.6% 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.
The full range of Tesco Mortgage products for home buyers and those remortgaging is available http://www.tescobank.com/mortgages
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