Tesco Bank announces lower rates across remortgage range

Tesco Bank has reduced rates across its range of remortgage products.

The new rates have been introduced to the bank’s two-year fixed rate remortgage product available at both 95 per cent and 90 per cent LTVs, with the former cut to 3.35 per cent and the latter, 2.26 per cent.

This offer is accessible until 31 March 2021 and both options come with £250 cashback.

The bank is also offering a three-year remortgage product available until 31 March 2022. The 95 per cent LTV option is set at 4.09 per cent, while the 90 per cent LTV has a rate of 2.49 per cent.

Additionally, Tesco Bank has made amendments to its five-year remortgage range with the addition of an 80 per cent LTV product at 2.23 per cent, as well as an 85 per cent LTV product with rates starting at 2.34 per cent.

Both options are available until 31 March 2024 and come with £250 cashback.

At the end of the initial fixed rate period all of the products will move onto the Tesco Bank SVR, which is currently 4.04 per cent.

The bank reports it has also extended the end dates on its home purchase products by an extra three months.

Furthermore, customers have the option to make overpayments of up to 20 per cent, and mortgage customers can use Tesco Clubcard points on their monthly repayments.

Recommended

FCA fines Tesco Bank £16.4m

The Financial Conduct Authority has fined Tesco Bank £16.4m for its failings to protect customers in a November 2016 cyber attack. The attack saw the bank’s current account holders vulnerable “to a largely avoidable incident,” according to the FCA, in which attackers come away with £2.26m over a 48-hour period. The FCA found that Tesco […]

Tesco-Bank-Building-700x450.jpg

Tesco Bank adds Sesame to broker panel

Tesco Bank has added Sesame to its mortgage intermediary panel. The deal brings Tesco’s broker panel to 23, with more set to join this year. Tesco Bank director of mortgages, savings and loans Julian Hartley says: “With the vast majority of Tesco customers now selecting their mortgage via a broker, it is important that we […]

Health - thumbnail

Absence management systems gone AWOL from UK’s SMEs, reports Jelf

A quarter (23 per cent)* of the UK’s small to medium-sized enterprises (SMEs) do not have an absence management system in place, according to new research from Jelf Employee Benefits. Despite 69 per cent* of organisations having a system in place, three-quarters (75 per cent) report that it is not providing them with sufficiently empowering absence or health data to inform an effective wellbeing programme.

Newsletter

News and expert analysis straight to your inbox

Sign up