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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 It is now over 6 months old so the content may be out of date.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."

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