Tesco Bank has reduced the rate on its five-year fixed mortgage deal by 0.10%, which sees it become the joint market-leader in its sector, earning an Excellent rating in the process.
This mortgage now boasts a rate of 1.89%, fixed to 31.10.2021, at 60% loan-to-value (LTV), making it the joint market-leading rate for its terms. It comes with a £995 fee.
The deal is offered to all borrowers with the necessary deposit. It comes with an incentive package for remortgagors of free legal and valuation fees. All borrowers benefit from the option to make overpayments and take payment holidays, provided certain conditions are met.
Loyal Tesco customers will be pleased with the additional benefit of being awarded one Tesco Clubcard point for every £4 mortgage repayment (excluding fees & charges) as well as on overpayments (excluding full repayment).
This decreased mortgage rate, combined with the deal's incentives and flexibility, makes it an appealing choice for borrowers looking to fix their repayments, especially remortgagors and Tesco shoppers, and fully justifies its high Moneyfacts rating.
Moneyfacts rating: Excellent
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