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Tesco Launch Mortgages with Clubcard Points

Alastair Walker 06/08/2012 09:00:53

Tesco Launch Mortgages with Clubcard Points

Tesco will launch their first ever mortgages today, with 2, 3 and 5 year fixed rate home loans.

Disappointingly for first time buyers, Tesco will insist on a 20 per cent deposit on all their mortgage products, as they will only loan up to 80 per cent of a property's value. Tesco will also be offering tracker mortgages.

For those who do have equity in their homes, or are buy-to-let investors, the fixed rates at 3.19 per cent will be attractive, although there is an £800 booking fee. If you pay a higher rate of interest then the fee is £195.

The rates aren't especially competitive, but those who shop at Tesco regularly can benefit from a Clubcard point for every £4 they repay from their mortgage.

More moneysaving news stories:

Pensioner discounts and benefits - Our handy guide

London property market slows, regional house prices at rock bottom?

 

 

Alastair Walker is features editor of Watchmywallet.co.uk

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