Tesco Bank has cut the rates on a number of its two and five-year fixed rate mortgages.

New rates include:

• 1.64% for the 75% LTV fixed for two years with no product fee
• 1.33% for the 80% LTV fixed for two years with £995 product fee
• 1.78% for the 60% LTV fixed for five years with £995 product fee
• 2.19% for the 75% LTV fixed for five years with no product fee

David McCreadie, managing director at Tesco Bank, said: “At Tesco Bank, we are committed to helping customers make their move on the property ladder and we are delighted to reduce the rates on a selection of our two-year and five-year mortgage products, helping to make it more affordable for customers to buy or remortgage their home.

“We know that customers want to make their money go as far as possible and, as well as reducing selected rates, we are delighted to provide a little help by enabling our customers to collect Clubcard points on their mortgage repayments.”