Tesco Bank adds new fixed rates to mortgage range


Tesco Bank has introduced a new range of low-interest two, three and five year fixed rate mortgages.

The home purchase mortgages include a five year fix at 60 per cent LTV with an interest rate of 1.89 per cent and fees of £995. A five year fix at 2.14 per cent is also available with no product fee.

Tesco Bank has also introduced two year fixes at 1.94 per cent for 80 per cent LTV and 2.13 per cent for 85 per cent LTV with no product fees.

Tesco Bank managing director David McCreadie says: “We want to make it easier for customers to buy their home, and our new selection of competitive mortgage rates helps to make a new house purchase more affordable for customers as they take their next steps on the property ladder.”

Tesco Bank mortgage products offer Clubcard points as they repay their 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, with no Early Repayment Charge.