Tesco Bank’s new 3.99% Two-year Fixed Rate Mortgage
Housing-Market / Mortgages Aug 03, 2015 - 02:28 PM GMTBy: MoneyFacts
Below is a new product, which has been rated outstanding by Moneyfacts.co.uk, the highest rating we award.
Tesco Bank has just launched a new two-year fixed rate mortgage priced at 3.99% until 31.10.17. This deal is for applicants who borrow from £40,000 at 95% loan-to-value (LTV). A fee of £495 is payable, all of which can be added to the advance of the mortgage. An incentive package for remortgage customers of free valuation and free legal fees is available.
Charlotte Nelson, Finance Expert at Moneyfacts.co.uk, said:
“Tesco Bank is making its mark on the low deposit market with this standard deal sitting within the top five of its sector, which also beats many Help to Buy products in the two-year fixed rate market.
“Not only does this deal offer a low rate but a low fee as well, making this product an attractive cost-effective option for many.
“The 95% LTV market is currently seeing a revival with the number of products increasing from 179 a year ago to 195 today. In that time we have also seen the average two-year fixed rate mortgage at 95% LTV decrease from 5.38% a year ago to 4.43% today.
“With a base rate rise on the horizon borrowers considering this or any other option will need to act fast to secure lower monthly repayments before rates increase.”
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