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Every little helps, as supermarket bank chops its mortgage rates

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18/08/2017
Every little helps, as supermarket bank chops its mortgage rates

Tesco Bank has reduced interest rates for homebuyers and remortgagors looking to fix their mortgage rate.

It has cut fixed rates on 16 mortgages for those with a modest 10% deposit right up to borrowers with 40% of the property’s value as equity.

The cuts to the lender’s two-, three- and five-year fixed rate mortgages are available on a fee-free basis or with a £995 fee.

The competitive new rates include a fee-free, five-year fixed rate for those with 25% upfront at 1.99%, and a 1.94% deal for those with a 20% deposit, which comes with a fee of £995.

Managing director of Tesco Bank, David McCreadie, said that five-year fixes remained popular with borrowers. He added: “As an extra little help, Tesco Bank Mortgage customers can also collect Clubcard points on their mortgage repayments.”

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