Tesco Bank has reduced the price of its two-year fixed rate mortgage for low deposit holders, earning it the top accolade as a result.
This mortgage now has a rate of 3.89% fixed until 31.1.18, the lowest rate available for its terms. It is offered at a loan-to-value (LTV) of 95% and has a fee of £495.
This deal is available to first-time buyers, homemovers and remortgagors with a small deposit of just 5%. Those looking to remortgage can benefit from a generous incentive package of free legal fees and free valuation, while all borrowers can profit from the option to make overpayments and take payment holidays, provided certain conditions are met.
Modest deposit holders on the lookout for a highly competitive fixed rate deal are likely to be intrigued by this latest update. This deal now boasts the lowest rate for its terms, as well as a range of flexible repayment options. Remortgagors in particular stand to benefit thanks to the enticing incentive package that accompanies this deal. This is an outstanding product that fully deserves the highest Moneyfacts rating.
Moneyfacts rating: Outstanding
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