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11 January, 2017
Tesco Bank helps customers make their New Year property dreams a reality by reducing selected mortgage rates
Tesco Bank is helping customers make a move on the property ladder in 2017 by reducing rates on a selection of its 2 year and 5 year fixed rate mortgage products.
The new rates are among some of the most competitive available and include:
- 1.58% for the 60% LTV fixed for 2 years with no product fee
- 1.89% for the 80% LTV fixed for 2 years with no product fee
- 1.88% for the 60% LTV fixed for 5 years with £995 product fee
- 1.48% for the 80% LTV fixed for 2 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 take the next steps on the property ladder. We’re delighted to kick-start 2017 by reducing the rates on a selection of our mortgage products, helping to make it more affordable for customers to buy or remortgage their home."
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. All remortgage products from Tesco Bank also include free valuation and free conveyancing.
The following reduced 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 30/04/2019||60%||HP||£0||3.5%|
|5 year fixed until 30/04/2022||60%||HP/ RM||1.88%||£995||3.2%|
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 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.
**This product includes a free valuation.
Representative example: A mortgage of £169,000 with an assumed start date of 01/05/2017 payable over 15 years initially on a fixed rate for 2 years at 1.52%, and then on our current variable rate of 3.89% for the remaining 13 years, would require 24 monthly payments of £1,050.58 and 156 monthly payments of £1,215.38.
The total amount payable would be £216,247.87, made up of the loan amount plus interest of £45,812.87, a product fee of £995, a valuation fee of £325 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 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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