Tesco Bank has cut the mortgage rate on a number of products by up to 0.5 percentage points.

The new mortgage products include:

• 1.49% for a two-year fixed 60% LTV with £800 fee (plus £195 non-refundable booking fee)
• 2.29% for a three-year fixed 70% LTV with no product fee (plus £195 non-refundable booking fee)
• 2.79% for a five-year fixed 75% LTV with no product fee (plus £195 non-refundable booking fee)
• 1.75% for a two-year tracker at 85% LTV with £800 fee (plus £195 non-refundable booking fee)
• 3.99% for a five-year fixed 90% LTV with £800 fee (plus £195 non-refundable booking fee)

David McCreadie, managing director of banking at Tesco Bank, said: “We are committed to helping more customers become homeowners or move up the property ladder. We are delighted that our new two, three and five-year fixed rate and two-year tracker mortgage products are providing some of the most competitive rates available.

“Tesco Bank mortgages provide customers with great value and award-winning customer service, with the added bonus of Clubcard points on their repayments.”