Tesco Bank reduces selected mortgage rates

Edinburgh-based Tesco Bank has reduced the rates on a selection of its 2 year and 5 year fixed rate remortgage products to help make it easier for customers to take the next step on the property ladder.

The new rates offered by the challenger bank, which employs 1,300 in the Scottish capital, include:

- 1.79% for the 80% LTV fixed for 2 years with no product fee

- 2.29% for the 80% LTV fixed for 5 years with no product fee

David McCreadie, managing director at Tesco Bank, said: “At Tesco Bank, we are committed helping to make it more affordable for customers to buy or remortgage their home, and we are pleased to reduce the rates on a selection of our 2 year and 5 year remortgage products, as well as introduce free valuations on some of our 2 year house purchase products. As well as competitive rates and great service, we also offer customers the unique added benefit of being able to collect Clubcard points on their mortgage repayments.”

The new mortgage products can be viewed here.