Tesco Bank has launched its first range of 90% LTV mortgage products.

The range consists of two, three and five-year fixed rate products, with rates starting from 3.49%.

Borrowers 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.

Customers taking out a mortgage with Tesco Bank will also receive a ‘thank you’ with Clubcard points as they repay their mortgage, collecting one point for every £4 on monthly repayments.

David McCreadie, managing director of banking at Tesco Bank, said: “Tesco Bank mortgages have a unique customer offering with their mix of rewards and competitive rates. The extension of our range into the 90% LTV market will allow us to help many more people make one of the most important purchases of their lives.

“We are helping more and more customers everyday with their banking needs and we have now lent more than £1 billion to our mortgage customers.”