Tesco launches mortgage range - Mortgages - News - Moneyfacts


Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Tesco launches mortgage range

Tesco launches mortgage range

Category: Mortgages

Updated: 06/08/2012
First Published: 06/08/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Tesco Bank has extended its personal finance product range by making its debut into the mortgage market.

Offering fixed and variable tracker rate deals to borrowers with deposits of 20% or more, Tesco Bank's mortgages will be available direct by telephone or online.

Customers will also benefit from the unique feature of gathering points on their Tesco Clubcard as they pay off their mortgage. One point will be collected for every £4 paid on their monthly mortgage repayment.

Tesco's foray into the world of mortgages confirms its place as the UK's largest supermarket bank and asserts its position amongst its retail bank adversaries.

Sylvia Waycot of Moneyfacts.co.uk said: "Tesco Bank's mortgage range is predominantly focused on borrowers with larger deposits, as opposed to the overall market including first-time buyers.

"Generally speaking, its current proposition of fixed and tracker mortgages can be beaten by what is currently on the high street."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Homeowners underestimate remortgaging savings

Remortgaging has been enjoying a surge in popularity in recent months, and considering how much you could save, it’s a no-brainer! Unfortunately, many fail to realise the extent of potential savings, which could mean too few make the switch.

Mortgage rates at fresh lows – but it may not last

Average fixed mortgage rates continued to fall this month, however much of this could be a technical adjustment rather than an indication of ongoing rate cuts – which means it may be worth switching to a new fixed rate deal sooner rather than later.

10-year fixed mortgage market flourishes

Given upcoming negotiations on the UK’s relationship with the EU, we are expected to have some uncertain times ahead. As a result, many borrowers will be seeking long-term mortgage repayment security, and happily, the 10-year market is flourishing.