Tesco Bank has shaved 0.06% off the rate on its five-year fixed mortgage, enabling it to elbow its way onto the charts and secure the top rating.
This mortgage now has a rate of 2.53% fixed until 30.6.21, the lowest rate currently available for its terms. It is offered at a loan-to-value (LTV) of 80% and has a fee of £995.
This deal is open to all applicants with a 20% deposit and offers an incentive package of free valuation and free legal fees to remortgagors. All borrowers can make overpayments and take payment holidays, provided certain conditions are met. As an added bonus, it also offers the chance to accrue Tesco Clubcard points, with 1 point awarded for every £4 made in mortgage repayments.
This new chart entry has plenty of appeal: as well as its highly competitive rate, it also boasts a generous incentive package for remortgagors and some flexible repayment options, all of which ensure that this deal fully deserves its place on the Moneyfacts charts and its 'outstanding' rating.
Moneyfacts rating: Outstanding
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