Tesco cuts rates

Sam Cordon

November 15, 2013

The highlights of the new range include 2-year and 3-year fixed-rate 85% loan to value products, at 2.79% and 2.99% respectively and a 5-year fixed-rate 60% LTV product offering at 2.79%.

Tesco will also offer 2-year and 3-year fixed-rate 80% LTV products, at 2.29% and 2.69% respectively.

David McCreadie, managing director, Banking at Tesco Bank, said: “We want to be the bank for Tesco customers by delivering a choice of great value products that reward loyalty.

“Our new rates are amongst some of the lowest we have ever offered, and I am particularly pleased that customers continue to be rewarded with Clubcard points on their repayments”.

All products will move onto the Tesco Bank Standard Variable Rate (currently 4.24%) at the end of the initial fixed or tracker rate period. Early Repayment Charges apply during the initial rate period.

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