Tesco launches mortgage range

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by Gill Montia

Tesco Bank has launched a range of mortgages, available from today, with deals for both remortgagers and home buyers.

What’s more, borrowers will receive Tesco Clubcard points, collecting one point for every £4 on their monthly repayments.

The range includes two, three and five-year fixed-rate mortgages, and a two-year base rate tracker.

Rates start at 3.19% for a two-year fix, with a maximum loan-to-value ratio (LTV) of 70%, although mortgages up to a maximum of 80% LTV are available.

There is a flat booking fee of £195 on all products and customers can choose between a product fee of zero or £800 according to their needs.

Tesco chief executive, Philip Clarke, comments: “Customers want choice in banking from a brand they know and trust to deal with them fairly.”

He adds: “The launch of Tesco Bank mortgages is a major milestone towards offering Tesco customers a full retail banking service.”