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6 June, 2017
Tesco Bank introduces new market-leading 5 year fixed rate remortgage product
Tesco Bank has introduced a new market-leading 5 year fixed rate remortgage product to help make it easier for customers who are looking to remortgage their home. The Bank has also reduced the rate on one of its 2 year fixed rate remortgage products.
The following new remortgage 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 30/09/2019||60%||RM||1.53%||£0||3.5%|
|5 year fixed until 30/09/2022||60%||RM||1.68%||£995||3.1%|
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.
David McCreadie, Managing Director at Tesco Bank, commented:
“We are pleased to introduce our new market-leading 5 year fixed rate product for customers who are looking to remortgage their home, helping them to make their money go that little bit further. As an extra little help, all customers also collect Clubcard points on their mortgage repayments giving them access to the great benefits provided by Tesco Clubcard partners including family meals and days out.”
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 full range of Tesco Mortgage products for home buyers and those remortgaging is available http://www.tescobank.com/mortgages
For more information and media enquiries please contact:
Laura Moore (Tesco Bank)
+44 (0) 131 274 3630 / +44 (0) 7525 582775
Notes to editors:
*Points are not collected on any fees or charges paid separately from monthly payments. Clubcard points collection 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 added 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.
Representative example: A mortgage of £148,000 with an assumed start date of 01/10/2017 payable over 28 years initially on a fixed rate for 5 years at 2.12% and then on our current variable rate of 3.89% for the remaining 23 years would require 60 monthly payments of £584.45 and 276 monthly payments of £700.14. The total amount payable would be £228,421.02 made up of the loan amount plus interest of £80,306.02, a product fee of £0, 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 3.3% 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: EHQ, 2 South Gyle Crescent, Edinburgh, EH12 9FQ. www.tescobank.com
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