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17 October, 2016
Tesco Bank customers to benefit from reduced mortgage rates
Tesco Bank is helping more customers buy or remortgage their home by reducing rates on a selection of its 2, 3 and 5 year fixed rate mortgage products.
The new rates are among some of the most competitive available and include:
- 2.34% for the 80% LTV fixed for 3 years with no product fee
- 1.99% for the 80% LTV fixed for 3 years with £995 product fee
- 2.49% for the 90% LTV fixed for 2 years with no product fee
- 2.28% for the 80% LTV fixed for 5 years with £995 product fee
David McCreadie, Managing Director at Tesco Bank, commented:
“At Tesco Bank, we want to make it easier for customers to buy or remortgage their home, and our new mortgage rates help to make it more affordable for customers as they take their next steps on the property ladder.”
To help customers make their money go that little bit further, Tesco Bank Mortgage customers collect Clubcard points as they repay their mortgage. Customers can collect one Clubcard point for every £4 on their monthly repayments* Customers also have the 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.
The following reduced mortgage products are available through Tesco Bank and Tesco Mortgage Intermediaries**.
3 year fixed until
5 year fixed until 31/12/2021
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.
The full range of Tesco Mortgage products for home buyers and those remortgaging is available http://www.tescobank.com/mortgages
For more information and media enquires please contact:
Laura Moore (Tesco Bank)
+44 (0) 131 479 1356 / +44 (0) 7525 582775
Notes to editors:
*Points 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 promoter of Tesco Clubcard is Tesco House, Shire Park, Kestrel Way, Welwyn Garden City, AL7 1GA, who is responsible for fulfilling points.
**Products are available to both house purchase and remortgage customers.
Representative example: A mortgage of £192,000 with an assumed start date of 01/01/2017 payable over 17 years initially on a fixed rate for 2 years at 1.99% and then on our current variable rate of 3.89% for the remaining 15 years would require 24 monthly payments of £1,110.11 and 180 monthly payments of £1,267.44.
The total amount payable would be £254,897.57 made up of the loan amount plus interest of £62,782.57, a product fee of £995, a valuation fee of £0 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 3.5% 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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