Tesco Bank, a part of the Tesco Personal Finance brand belonging to the major UK supermarket chain, is an award winning residential mortgage provider.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Tesco Bank can provide both fixed rate and tracker rate
mortgages, and one thing that makes their mortgages unique is that they
actually give you Tesco Clubcard reward points on your mortgage repayments, so
they are one of the few mortgage providers with a reward scheme!
A fixed rate mortgage, such as the ones you can choose from Tesco Bank, is one where the interest rate stays the same for a fixed period of time. A tracker rate mortgage, which Tesco Bank can also provide you with, is one where the rate of interest on your mortgage is the Bank of England base rate plus a percentage - so it can change.
Which you prefer and which is right for you is something to discuss when you enquire about a mortgage, as this can be one of the most important decisions when it comes to taking on a new mortgage and will affect how much you have to pay for the life of the mortgage.
Tesco Bank was formed in 1997 as a joint venture between Tesco itself and the Royal Bank of Scotland. It has been providing a wide range of personal finance solutions ever since, though in 2008 Tesco bought out RBS and so Tesco Bank is now owned and run entirely by Tesco Plc.
In addition to fixed and tracker rate personal mortgages, Tesco Bank also provides current accounts, credit cards, loans, tax free and instant access savings accounts, car, home, life, travel and pet insurance, and travel money services.
Tesco Bank is a good choice if you want a good value residential mortgage, and your circumstances are fairly straightforward. The incentive of Clubcard points on repayments may also sound trivial, but can actually save you a lot of money in Tesco stores, which means you are always getting something back (provided you shop at Tesco).
As one of the first supermarkets to offer banking products, Tesco have become a trusted name in personal finance and won praise from the media for their value, products and customer service.
Tesco Bank offers online and telephone banking, and full customer support. They also have a mobile app that you can use to track and manage any Tesco Bank accounts, mortgages or loans you have.
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