Tesco Bank cuts fixed-term mortgage rates

Owain Thomas
Written By:
Owain Thomas

The reduction is good news for borrowers looking to lock their monthly mortgage repayments

Tesco Bank has cut rates across 18 of its fixed rate mortgages for home purchase and remortgage.

The move includes two five-year fixed rate products which are among the market leaders.The pair highlighted by the lender are five-year fee-free remortgage loans available up to 60% and 80% of the property’s value at 1.88% and 2.18% respectively.

In all 18 rates have been cut across two-, three-, and five-year fixed term products ranging from 60% to 90% LTV.

The two-year fixed rates are reduced by a up to 0.29%, the three-year fix by up to 0.09% and the five-year fix by up to 0.37%.

The loans are either fee-free or have a fee of £995.

Tesco Bank managing director David McCreadie said: “We are always looking to deliver great value mortgages and so as more customers look to take fixed rate mortgages, I am delighted that we can respond by offering these rates as well as reducing our rates on a selection of our two-year, three-year and five-year products to help customers’ money go that little bit further.”