Tesco Bank has launched its first range of 95% LTV mortgage products.

The new range of two, three and five-year fixed rate products include deals with no product fee – a £195 non-refundable booking fee applies. They are available for first-time buyers and those looking to remortgage.

Rates start from 4.49% and overpayments of up to 20% of the outstanding balance can be made each year without having to pay an Early Repayment Charge.

Customers can collect one point for every £4 on their monthly repayments.

David McCreadie, managing director of banking at Tesco Bank, said: “We are delighted to extend our mortgage range by offering 95% LTV mortgages, which further widens the options available to customers. We appreciate that it can be difficult for customers to buy their first home, and hope that the combination of competitive rates and no fee will help more and more customers get onto the property ladder for the first time.

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