Tesco Bank 90% loan to value (LTV ) mortgage products aims to help people buy a home, or remortgage their current home
Tesco Bank has launched a range of 2yr, 3yr and 5yr fixed rate products that offer 90% LTV, whilst also rewarding the loyalty of customers with Clubcard points.
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 monthly repayments.
David McCreadie, Managing Director, Banking at Tesco Bank, commented: “Tesco Bank mortgages have a unique customer offering with their mix of rewards and competitive rates.
“The extension of our range into the 90% LTV market will allow us to help many more people make one of the most important purchases of their lives. We are helping more and more customers everyday with their banking needs and we have now lent more than £1 billion to our mortgage customers.”
Tesco Mortgage Rates
|Product||Max LTV||£800 Product Fee Option Initial Rate||APR||No Product Fee Option Initial Rate||APR||Non-refundable booking fee|
|2 Year Fixed||90%||3.49%||4.30%||3.79%||4.30%||£195|
|3 Year Fixed||90%||3.99%||4.30%||4.29%||4.40%||£195|
|5 Year Fixed||90%||4.29%||4.40%||4.59%||4.50%||£195|
All products will move onto the Tesco Bank Standard Variable Rate (currently 4.24%) at the end of the initial fixed rate period. Early Repayment Charges may apply during the initial fixed rate period.
Customers will 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.
You will also be able to apply for up to two payment holidays per year and those remortgaging will also benefit from free standard legal fees and the first standard valuation.