25 January, 2016
Tesco Bank removes product fee on its 95% LTV mortgages
Tesco Bank is making it easier for customers to get a step up on the property ladder by removing the product fee on its 95% LTV mortgage products.
Tesco Bank’s 2, 3 and 5 year fixed rate products are among the most competitive in the market, have no product fee* and reward the loyalty of customers with Clubcard points as they repay their mortgage.
Highlights of Tesco Bank’s mortgage products include:
- Tesco Bank mortgage products 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**
- 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 95% LTV mortgage products
|Product||Max LTV||Initial Rate (No Product Fee. £195 non-refundable booking fee applies)||APR||End Date|
|2 year fixed||95%||3.89%||4.3%||31/03/2018|
|3 year fixed||95%||4.49%||4.4%||31/03/2019|
|5 year fixed||95%||4.49%||4.5%||31/03/2021|
All products will move onto the Tesco Bank Standard Variable Rate (currently 4.24%) at the end of the initial fixed or tracker rate period. Early Repayment Charges may apply during the initial fixed or tracker rate period.
For more information on Tesco Bank mortgages, please visit 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:
*£195 non-refundable booking fee applies
**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 Clubcard scheme is administered by Tesco Stores. Tesco Stores is responsible for fulfilling the points.
About Tesco Bank Mortgages
- Tesco Bank mortgages are available online or by phone, 0345 217 2047, between 8am-9pm Monday to Friday, 9am – 4pm Saturday, from our UK-based customer service team.
- Tesco Bank mortgage products may be withdrawn or changed at any time.
- All Tesco Bank mortgages are subject to a non-refundable booking fee and a product fee may apply depending on the product selected.
- Subject to status and lending criteria
YOUR HOME MAY BE REPOSSESSED 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)131 274 3630
+44 (0)7595 441 036