Tesco Bank has added what it’s calling a ‘market-leading’ 5 year fixed rate remortgage product to its loan book with a max LTV of 60 per cent.
The deal is available at a rate of 1.68 per cent with a £995 product fee and 3.1 per cent APR.
The Bank has also reduced the rate on one of its 2 year fixed rate remortgage product, which is also available at max 60 per cent LTV. The rate on the deal is 1.53 per cent with zero product fees and and 3.5 per cent APR.
All products will move onto the Tesco Bank Standard Variable Rate (currently 3.89 per cent) at the end of the initial fixed rate period. Early Repayment Charges may apply during the initial fixed rate period.
Tesco Bank managing director David McCreadie commented: “We are pleased to introduce our new market-leading 5 year fixed rate product for customers who are looking to remortgage their home, helping them to make their money go that little bit further.”
Mortgage customers can collect one Clubcard point for every £4 on their monthly repayments.
Customers can make regular or lump sum overpayments of up to 20 per cent of the outstanding balance each year during the initial rate period, without having to pay an Early Repayment Charge. All remortgage products from Tesco Bank also include free valuation and free conveyancing.