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17 January, 2017
Tesco Bank extends mortgage broker panel
Tesco Bank is to help more customers buy their home by adding more mortgage intermediaries to its broker panel. From today, customers can now access Tesco Bank’s competitive range of mortgages through First Complete and Pink networks.
Tesco Mortgage Intermediaries is designed to provide brokers with one of the easiest and most convenient services available. The service includes a number of features to help brokers make the transaction as straightforward as possible, including searchable lending criteria, webchat, and the ability to scan and upload documents and track the status of applications from any device. Brokers are able to contact Tesco Bank Intermediaries by phone or online using the Bank’s webchat functionality.
David McCreadie, Managing Director, Tesco Bank said: “In 2017 we are continuing our commitment to help as many customers as possible to buy their own homes. The vast majority of Tesco Bank customers now select their mortgage with the help of a broker, and I am delighted to announce that First Complete and Pink have been added to our mortgage broker panel. With these additions it will help to ensure that Tesco mortgages are now available to even more customers.”
Features of Tesco Bank Mortgages:
- Tesco Bank mortgages reward the loyalty of customers with Clubcard points as they repay their mortgage. Customers can collect one Clubcard point for every £4 on their monthly repayments.1
- Flexibility to make regular or lump sum overpayments of up to 20% of the outstanding balance each year during the initial rate period, without having to pay an Early Repayment Charge.
- Available for first-time buyers, home movers and those looking to remortgage.
- Those remortgaging will also benefit from free standard legal fees and the first standard valuation.
Tesco Bank was named Best First-time Mortgage Provider and Best Bank Mortgage Provider at the 2016 Moneyfacts Awards, as well as Best Variable Rate Mortgage Provider at the 2016 Personal Finance Awards.
For more information and media enquiries, please contact:
Laura Moore (Tesco Bank)
+44 (0)131 479 1356 / +44 (0)7525 582775
Notes to Editors
1Points are not collected on any fees or charges paid separately from monthly payments.
Points are also collected on overpayments, but not on any overpayment made to pay off the mortgage in full. Clubcard points will be received within 6 weeks of payment. The Tesco Clubcard Scheme is administered by Tesco Stores Limited, Tesco House, Shire Park, Kestrel Way, Welwyn Garden City, AL7 1GA, who are responsible for fulfilling points.
Representative example: A mortgage of £169,000 with an assumed start date of 01/05/2017 payable over 15 years initially on a fixed rate for 2 years at 1.52%, and then on our current variable rate of 3.89% for the remaining 13 years, would require 24 monthly payments of £1,050.58 and 156 monthly payments of £1,215.38.
The total amount payable would be £216,247.87, made up of the loan amount plus interest of £45,812.87, a product fee of £995, a valuation fee of £325 and booking fee of £0. Please refer to your Mortgage Illustration for details on other fees payable on your mortgage.
The overall cost for comparison is 3.4% APRC Representative.
About Tesco Bank Mortgages
- Tesco Bank mortgages are available online by visiting http://www.tescobank.com/mortgages or by phone, 0345 217 2050, between 8am-9pm Monday to Friday, 9am – 4pm Saturday, from our UK-based customer service team. They are also available through Tesco Mortgage Intermediaries http://intermediaries.tescobank.com
- Tesco Bank mortgage products may be withdrawn or changed at any time.
- A product fee may apply depending on the product selected.
- Subject to status and lending criteria.
YOUR HOME MAY BE REPOSSESSED, AS A LAST RESORT, IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 6 million customers every day with everything from insuring their pets, to buying their first home. Our 4,000 colleagues serve our customers seven days a week from our four main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7.
Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. 173199. Registered Address: Interpoint Building, 22 Haymarket Yards, Edinburgh, EH12 5BH. www.tescobank.com
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For journalist enquiries only, contact the Tesco Bank Press Office on:
+44(0) 131 479 1345
+44(0) 131 479 1346