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Tesco Bank Launches Competitive New Mortgage Rates

EDINBURGH, Scotland, April 3, 2013 /PRNewswire/ --

Tesco Bank has today announced competitive new mortgage rates across its range of mortgage products. These rate reductions mean Tesco Bank is now offering customers some of the most competitive Fixed Rate products on the market.

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In addition to these new rates, Tesco Bank is also now offering customers a new 1.99% two-year fixed rate mortgage at 60% LTV.

Tesco Bank product range:
                         GBP1,600 Product Fee
                             Option                         Non-refundable
    Product      Max LTV    Initial Rate           APR      booking fee

    2 Year Fixed   60%           1.99%             4.0         GBP195
                         GBP1,300             GBP0
                         Product Fee          Product Fee
                         Option               Option
                         Initial              Initial             Non-refundable
    Product      Max LTV    Rate        APR   Rate          APR   booking fee

    2 Year Fixed  70%        2.29%      4.0     2.69%      4.0%
                           (previously        (previously
                             2.39%)             2.79%)

                  75%        2.59%      4.1     2.99%      4.1%
                           (previously        (previously
                             2.89%)             3.29%)

                  80%        3.19%      4.2     3.59%      4.2%
                           (previously        (previously           GBP195
                            3.39%)              3.79%)

    3 Year Fixed   75%       2.49%      3.9     2.79%      3.9%
                           (previously        (previously
                             2.79%)             3.09%)

                   80%       3.49%      4.2     3.79%      4.2%
                           (previously        (previously           GBP195
                              3.79%)             4.09%)

    5 Year Fixed   70%       2.79%      3.8     3.19%      3.9

                   75%       3.19%      4.0     3.59%      4.1
                           (previously        (previously
                             3.69%)             4.09%)

                              3.69%     4.2     4.09%      4.3
                           (previously       (previously
                   80%       3.79%)             4.19%)              GBP195

    2 year tracker 70%     BoE +2.45%   4.2%  BoE +2.95%   4.2
                   75%     BoE +2.69%   4.2%  BoE +3.19%   4.2
                   80%     BoE +3.29%   4.3%  BoE +3.79%   4.3      GBP195

Tesco Bank's 2yr, 3yr, 5yr Fixed Rate Mortgage, and two year base rate tracker provide customers with a choice of straightforward fees. In addition to good value and great service, customers taking out a mortgage with Tesco Bank will also receive a 'thank-you' with Clubcard points as they repay their mortgage, collecting one point for every £4 on their monthly mortgage repayments*.

Announcing the new rates, David McCreadie, Managing Director of Banking, commented:

"I am delighted that these rate reductions make Tesco Bank mortgages some of the most competitive on the market. We want customers to be able to choose from a range of mortgages that combine great rates, good service with the 'thank you' of Clubcard points, and believe our new products allow customers to do just that".

Tesco Bank mortgage products are straightforward:
  • All provide customers with 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.
  • Customers opting for a tracker mortgage can take advantage of a ' switch and fix ' facility that allows them to move to a fixed rate if they require greater financial certainty. **
  • Customers can apply for up to two payment holidays per year***
  • Those remortgaging will benefit from free standard legal fees and the first standard valuation.

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 apply during the initial rate period.

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