(PRWEB UK) 5 September 2012
The new rates, which come a month after Tesco Bank added mortgages to its range of banking services, give customers some of the best deals on the market, with rates starting from 2.95%. The reductions apply to both fixed rate and tracker mortgages, whether customers are remortgaging or buying a new home.
Tesco Bank’s leading products include:
(see the attachment "Tesco Bank’s leading products include:")
David McCreadie, Managing Director of Banking at Tesco Bank, said: “We're pleased to offer customers some good news by reducing our rates to as low as 2.95%. Today's rate changes once again underline Tesco Bank's commitment to offering highly competitive banking products which meet our customers' needs today and as they continue to bank with us into the future."
As a thank-you, Tesco Bank rewards customers' loyalty with Clubcard points as they repay their mortgage. Tesco Clubcard holders will collect one point for every £4 on their monthly mortgage repayments*.
The Tesco Bank mortgage product range includes two, three and five-year fixed rate mortgages, and a two-year base rate tracker. The products are flexible and straightforward:
Tesco Bank Mortgages:
(see the attachment "Tesco Bank Mortgages:")
All products will move onto the Tesco Bank Standard Variable Rate*** at the end of the initial fixed or tracker rate period. There is a flat booking fee of £195 on all products and customers can choose a £0 or £800 product fee option to suit their needs. Early Repayment Charges apply during the initial rate period.
For more information on mortgages, please visit http://www.tescobank.com
For media enquiries, please contact :
Adam Treslove, Tesco Bank, Tel: 0131 479 1345, Adam.Treslove (at) tescobank (dot) com
Jane Padgham, Fishburn Hedges, Tel: 020 7839 4321, tescobank (at) fishburn-hedges (dot) co (dot) uk
Notes to Editors:
1. About Tesco Bank Mortgages
(see the attachment "1. About Tesco Bank Mortgages")
(1) Council of Mortgage Lenders: average UK monthly mortgage repayment, £758, at 31/07/2012.
(2) Tesco Bank: average monthly Clubcard Credit Card customer spend with 30% of all spending at Tesco
*Points are not collected on any fees or charges paid separately from monthly payments.
Points are also collected on overpayments, but not on any overpayment made to pay off the mortgage in full.
Clubcard points will be received within 3 months of payment. The Clubcard scheme is administered by Tesco Stores. Tesco Stores is responsible for fulfilling the points.
**A payment holiday allows the customer to miss a single monthly payment. A maximum of 6 can be taken over the life of the mortgage. Conditions apply.
*** Standard Variable Rate currently 4.24%
2. About Tesco Bank:
Tesco Bank is the UK’s largest supermarket bank.
Our aim is to be the financial services provider of choice for Tesco customers by giving them good service, great value and by rewarding their loyalty for shopping at Tesco.
Tesco Bank offers a popular range of simple personal banking products.
Our Mortgage offer:
Tesco Bank products and services are available online at tescobank.com and by telephone from our UK-based service centres.
We aim to be a valued part of the communities we operate in.