By Scott Thompson
Tesco Bank is extending its range of services with the launch this week of mortages.
Customers with the loyalty card, the Tesco Clubcard, will be able to earn points as they pay off their mortgage each month.
Philip Clarke, chief executive, Tesco says: “Customers want choice in banking from a brand they know and trust to deal with them fairly. The launch of Tesco Bank mortgages is a major milestone towards offering our customers a full retail banking service.”
Benny Higgins, chief executive at Tesco Bank, comments: “Entering the mortgage market is a significant step in broadening the products we offer to Tesco customers. With a focus on serving our customers for the long-term, we will take responsible lending decisions and have developed a mortgage business to meet our customers' needs now and into the future. We begin as we plan to go on - launching a product for our customers designed to meet their expectations of value, customer service and reward."
The deals on offer are two, three and five-year fixed rate mortgages, and a two-year base rate tracker. Rates start at 3.19 per cent (two year fixed, maximum LTV of 70 per cent) and Tesco Bank offers mortgages up to a maximum of 80 per cent LTV.