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Tesco Bank reduces mortgage rates.

BANKING AND CREDIT NEWS-June 16, 2015-Tesco Bank reduces mortgage rates


British supermarket based financial services provider Tesco Bank on Monday reported that it is to reduce the rates on its 95% LTV mortgage products.

The new 95% LTV five year fixed first time buyer rate is said to be one of the most competitive on the mortgage market and has a rate of 4.69% with no product fee. The Bank now also offers a rate of 1.25% for the 75% LTV two year tracker product with a GBP800 product fee and a rate of 4.19% for the 95% LTV fixed for two years with no product fee.

Highlights of the Bank's mortgage products include one clubcard point for every GBP4 spent on monthly repayments, the chance to make regular or lump sum overpayments of up to 20% of the outstanding balance each year during the initial rate period without an Early Repayment Charge and free standard legal fees and the first standard valuation.

Managing director, Banking at Tesco Bank, David McCreadie, commented "We are delighted to widen the options available to customers, and first-time buyers in particular, by launching these new highly competitive offers. We know it can be difficult for first-time buyers to get on the property ladder, and we hope that the new rates on our 95% LTV mortgage products will make it a little bit easier."

(EUR1 = GBP0.72)

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Publication:M2 Banking & Credit News (BCN)
Date:Jun 16, 2015
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