Tesco Bank has reduced selected fixed rate mortgages by up to 0.20%. One of the deals to benefit is its two-year product, which has stepped up into the Moneyfacts charts as a result.
This mortgage now has a rate of 3.09% fixed until 30.6.17, allowing it to rest comfortably among the top accounts of its sector. It is available at a loan-to-value (LTV) of 90% and has a low fee of £195.
This deal is open to all borrowers with a modest 10% deposit. Those looking to remortgage their property can benefit from an incentive package of free valuation and free legal fees.
All borrowers can profit from flexible repayment options, with overpayments of up to 20% of the outstanding balance and payment holidays permitted, provided certain conditions are met. As an added incentive, borrowers can earn 1 Tesco Clubcard point for every £4 spent on mortgage repayments and overpayments, offering extra benefit for Tesco shoppers.
The rate cut to this two-year deal has sent it springing into the Moneyfacts charts, something that is bound to be noticed by borrowers. The low fee and the flexible repayment options enhance its attractive rate and make this a great all-round product for those with a more modest deposit.
Moneyfacts rating: Excellent
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