News releases

Here you can find the latest news releases from Tesco Bank.

If you're a journalist and would like more information about Tesco Bank or have some questions please get in touch.

The information in this section is designed to provide journalists and bloggers with the latest news from Tesco Bank. If you are a customer looking for information on the products and services we offer, please visit our customer website.


8 March, 2017

Tesco Bank reduces selected mortgage rates

Tesco Bank has reduced the rates on a selection of its 2 year and 5 year fixed rate remortgage products to help make it easier for customers to take the next step on the property ladder.

The new rates are among some of the most competitive available and include:

  • 1.79% for the 80% LTV fixed for 2 years with no product fee
  • 2.29% for the 80% LTV fixed for 5 years with no product fee

David McCreadie, Managing Director at Tesco Bank, commented:

“At Tesco Bank, we are committed helping to make it more affordable for customers to buy or remortgage their home, and we are pleased to reduce the rates on a selection of our 2 year and 5 year remortgage products, as well as introduce free valuations on some of our 2 year house purchase products. As well as competitive rates and great service, we also offer customers the unique added benefit of being able to collect Clubcard points on their mortgage repayments.”

To help customers make their money go that little bit further, Tesco Bank 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. All remortgage products from Tesco Bank also include free valuation and free conveyancing.

The following new mortgage products are available through Tesco Bank and Tesco Mortgage Intermediaries:


Product Max LTV House Purchase (HP) or Remortgage (RM) Rate Product Fee APR
2 year fixed until 31/05/2019
















5 year fixed until 31/05/2022












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




For more information and media enquiries 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. Earn rates are subject to change.

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.

** Includes a free valuation

*** Includes a free valuation


Representative example: A mortgage of £169,000 with an assumed start date of  01/06/2017 payable over 15 years initially on a fixed rate for 2 years at 1.48% and then on our current variable rate of 3.89% for the remaining 13 years would require 24 monthly payments of £1,047.53 and 156 monthly payments of £1,214.93.

The total amount payable would be £215,779.40 made up of the loan amount plus interest of £45,669.40, 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 3.4% APRC Representative.


About Tesco Bank Mortgages

Tesco Bank mortgages are available online by visiting 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

  • 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.




About us:

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.


News feeds/alerts

Stay updated with our press releases by registering for our RSS feed or email alerts.

Media team

For journalist enquiries only, contact the Tesco Bank Press Office on:

+44 (0)131 274 3630
+44 (0)7595 441 036


Share this page

  • Facebook
  • Twitter
  • LinkedIn
  • RSS