Tesco Bank has introduced a new five-year fixed rate remortgage product.
The Bank has also reduced the rate on one of its two-year fixed rate remortgage products.
The following new remortgage products are available through Tesco Bank and Tesco Mortgage Intermediaries:
| Product | Max LTV | House Purchase (HP) or Remortgage (RM) | Rate | Product Fee | APR |
| 2 year fixed until 30/09/2019 | 60% | RM | 1.53% | £0 | 3.5% |
| 5 year fixed until 30/09/2022 | 60% | RM | 1.68% | £995 | 3.1% |
All products will move onto the Tesco Bank Standard Variable Rate (currently 3.89%) at the end of the initial fixed rate period. Early Repayment Charges may apply during the initial fixed rate period.
David McCreadie, managing director at Tesco Bank, said: “We are pleased to introduce our new market-leading five-year fixed rate product for customers who are looking to remortgage their home, helping them to make their money go that little bit further.
“As an extra little help, all customers also collect Clubcard points on their mortgage repayments giving them access to the great benefits provided by Tesco Clubcard partners including family meals and days out.”
