Tesco Bank has reduced the mortgage rate on a number of products by up to 0.8 percentage points.
he bank has also introduced a new 90% LTV two-year tracker rate for the first time.
The new mortgage products include:
- 1.29% for the 2 year fixed 60% LTV with £800 product fee (plus £195 non-refundable booking fee)
- 2.29% for the 3 year fixed 75% LTV with no product fee (plus £195 non-refundable booking fee)
- 2.89% for the 3 year fixed 85% LTV with no product fee (plus £195 non-refundable booking fee)
- 3.79% for the 5 year fixed 90% LTV with £800 product fee (plus £195 non-refundable booking fee)
- 2.60% for the 2 year tracker at 90% LTV with £300 product fee (plus £195 non-refundable booking fee)
Customers have the flexibility to make regular or lump sum overpayments of up to 20% of the outstanding balance per annum during the initial rate period, without having to pay an Early Repayment Charge.
David McCreadie, managing director of banking at Tesco Bank, said: “We want to make it easier for customers to make a move on the property ladder. Our new mortgage products offer some of the most competitive rates available, and the introduction of our new 90% LTV 2 year tracker rate widens the options available to customers.
“Tesco Bank mortgages provide customers with great value and award-winning customer service, with the added bonus of Clubcard points on their repayments.”
