Powered by MOMENTUM MEDIA
subscribe to our newsletter

UK: Supermarket launches 90 per cent LVR mortgages

Tesco Bank has launched its first range of 90 per cent LVR mortgage products in the UK.

The products include a range of two-year, three-year and five-year fixed rate mortgages with rates starting from 3.49 per cent.

The flexible loans allow borrowers to make regular or lump sum overpayments of up to 20 per cent of the outstanding balance each year during the initial rate period, without having to pay an early repayment charge.

“Tesco Bank mortgages have a unique customer offering with their mix of rewards and competitive rates,” Tesco Bank managing director David McCreadie said.

“The extension of our range into the 90 per cent LVR market will allow us to help many more people make one of the most important purchases of their lives,” he said.

Advertisement
Advertisement

“We are helping more and more customers everyday with their banking needs and we have now lent more than £1 billion to our mortgage customers.”

Tesco Bank has been operating since 1997 and expanded into mortgages in 2012.

Richard Wormald, a former Tesco executive who was involved with Tesco’s transition into the mortgage space, is now the general manager of financial services at Coles.

It is understood that Coles, under Mr Wormald’s direction, has recently engaged a third-party distribution specialist to evaluate plans for the supermarket to begin distributing residential mortgages.

UK: Supermarket launches 90 per cent LVR mortgages

Latest News

The percentage of young adults looking to pay down their home loans has risen over the past five months, according to new data. ...

Despite the Reserve Bank digging its heels in on the timing of its cash rate climb, Westpac economists have predicted the right conditions w...

Customer-owned banks operate around four branches per $1 billion in assets, while the big four collectively run less than one shopfront per ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

When do you expect the cash rate to start increasing?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.