Tesco Bank has published details of its mortgage range, available from Monday 6 August.
The range includes two, three and five-year fixed rate mortgages, and a two-year base rate tracker.
Rates start at 3.19% (two-year fixed, maximum LTV of 70%) and the bank’s maximum LTV is 80%.
There is a flat booking fee of £195 on all products and customers can choose between a £0 or £800 product fee.
Tesco Clubcard holders will be given with Clubcard points as they repay their mortgage, and will collect one point for every £4 on their monthly mortgage repayments.
“Entering the mortgage market is a significant step in broadening the products we offer to Tesco customers,” said Benny Higgins, chief executive of Tesco Bank.
“With a focus on serving Tesco customers for the long-term, we will take responsible lending decisions and have developed a mortgage business to meet our customers’ needs now and into the future.
“We begin as we plan to go on – launching a product for Tesco customers designed to meet their expectations of value, customer service and reward.”
“Customers want choice in banking from a brand they know and trust to deal with them fairly,” said Philip Clarke, chief executive, Tesco. “The launch of Tesco Bank mortgages is a major milestone towards offering Tesco customers a full retail banking service.”
