Tesco Bank gets Aggressive

Widely reported today, Tesco bank as I predicted is now moving aggressively to challenge the high street banks with a new mortgage of 1.99% well below high street averages over 4%. See Daily Mail below:-


Tesco launches the cheapest mortgage in Britain: Supermarket offers rate of 1.99% that could save borrowers up to £7,800. The deal would leave a typical borrower with a £150,000 mortgage £2,300 a year better off than the average two-year fixed rate of 4.44 per cent The Tesco Bank deal is fixed for two years and requires a 40 per cent deposit and carries a fee of £995
Britain’s cheapest mortgage will be launched today by Tesco at a rate of just 1.99 per cent.

The deal would leave a typical borrower with a £150,000 mortgage £2,300 a year better off than the average two-year fixed rate of 4.44 per cent. Peter Gettins, of broker London & Country, said: ‘If you are looking for a mortgage this is an absolute cracker. Taking it out is a no-brainer. Hopefully, other lenders will try to match it.
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