Tesco Bank has announced that it has cut rates on a selection of 2 year and 5 year fixed rate remortgage products.
The new rates are among some of the most competitive available and include 1.79% for the 80% LTV fixed for 2 years with no product fee, and 2.29% for the 80% LTV fixed for 5 years with no product fee.
Customers also have the flexibility to make regular or lump sum overpayments of up to 20% of the outstanding balance each year during the initial rate period, without having to pay an Early Repayment Charge. All remortgage products from Tesco Bank also include free valuation and free conveyancing.
All products will move onto the Tesco Bank Standard Variable Rate (currently 3.89%) at the end of the initial fixed rate period. Early Repayment Charges may apply during the initial fixed rate period.
David McCreadie, Managing Director at Tesco Bank, commented: “At Tesco Bank, we are committed helping to make it more affordable for customers to buy or remortgage their home, and we are pleased to reduce the rates on a selection of our 2 year and 5 year remortgage products, as well as introduce free valuations on some of our 2 year house purchase products. As well as competitive rates and great service, we also offer customers the unique added benefit of being able to collect Clubcard points on their mortgage repayments.”