5 yr fix mortgage 2.79% for 75% LTV £195 fees @ tescobank
604°Expired

5 yr fix mortgage 2.79% for 75% LTV £195 fees @ tescobank

76
Found 9th Feb 2015
Those with a 25% deposit can benefit from this.

Those with 40% deposit have a rate of 2.39%.

Available to buyers and those remortgeging.
Remortgeging has added incentive of free valuation and legals.

NOTE: its 2.49% for those with a 60% LTV @ £195 arrangement, its a £995 arrangement for the 2.39%
- markdavey1972

Minimum amount you can borrow is £40,000.
- nirvanaman

• Fixed rate, so you'll know exactly how much you'll pay each month.

• Fees payable include a non refundable booking fee of £195 payable upfront.

• We’ll pay your standard legal fees and your first standard valuation fee. Terms apply.

• Overpay by up to 20% of your outstanding balance each year during the initial rate period without incurring an Early Repayment Charge.

An Early Repayment Charge applies until 30/04/2020 if you:
• Switch deal or repay your mortgage in full (payable on the outstanding balance)
• Overpay by more than the agreed limit (payable on the amount paid over the agreed limit).

• Early Repayment Charges:
5% until 30/04/2016
4% until 30/04/2017
3% until 30/04/2019
2% until 30/04/2020
Full details can be found in your Key Facts Illustration.

• Collect Clubcard Points.
- ran123ran

76 Comments

First time buyers can avail this?

I just got Natiowide 2.34% fixed for 4 years free legal cover and free standard valuation £190 for Homebuyers Report £499 arrangement and only ask for 1 months bank statement

70% LTV

Any Cluccard points with this?

anthony69

Any Cluccard points with this?


yes 1 for every £4 of mortgage payment!

tesco svr is 4.24% nationwide is 3.99% so nationwide will be cheaper when the deal ends. Clubcard points could sway it though!

Move mortgage when the deal ends...

i'm sure svr won't be the same when the deal ends

j8ulia

yes 1 for every £4 of mortgage payment!



I was thinking about the clubcard points available here.

Please correct me if I'm wrong, but say you pay £500 a month on a mortgage, that's 125 clubcard points per month you'd earn, which equates to about £1.25 in clubcard points?

j8ulia

tesco svr is 4.24% nationwide is 3.99% so nationwide will be cheaper when … tesco svr is 4.24% nationwide is 3.99% so nationwide will be cheaper when the deal ends. Clubcard points could sway it though!



Why would you ever worry about the SVR? Always switch or renegotiate when your current deal is about to expire.

Good deal, we have a five year fix which was 3.99 which was a good deal then

Would this work with the help to buy equity loan scheme, since you're effectively putting in 25%?

Not too bad. Heat added..
Just Got one with Natwest @ 1.99% with 25% deposit and £995 fee, through a financial adviser

Comment

ansarch

Not too bad. Heat added..Just Got one with Natwest @ 1.99% with 25% … Not too bad. Heat added..Just Got one with Natwest @ 1.99% with 25% deposit and £995 fee, through a financial adviser


It's a 2 year fixed by the way

Is this available in my area?

Do they do shared ownership mortgages?

El Dealerino

Is this available in my area?



Dunno...though probably not available in Dumbquestionville

....though you could ask Tescos themselves...."every little (bit of info) helps".
Edited by: "HankMcSpank" 10th Feb 2015

HankMcSpank

Dunno...thoigh probably not available in Dumbquestionville....though you … Dunno...thoigh probably not available in Dumbquestionville....though you could ask Tescos themselves...."every little (bit of info) helps".



Is that a yes or a no. I don't understand.

Tuscan915

I was thinking about the clubcard points available here.Please correct me … I was thinking about the clubcard points available here.Please correct me if I'm wrong, but say you pay £500 a month on a mortgage, that's 125 clubcard points per month you'd earn, which equates to about £1.25 in clubcard points?



If you x4 the value back up again on the Club card deals, that equivalent £5 back a month for tweets?

ansarch

Not too bad. Heat added..Just Got one with Natwest @ 1.99% with 25% … Not too bad. Heat added..Just Got one with Natwest @ 1.99% with 25% deposit and £995 fee, through a financial adviser



for a 25% deposit tesco bank fix is 1.59% with a £995 fee...2 year fix
.....................................................or 1.89% for a £195 fee ...2 year fix



Edited by: "ran123ran" 9th Feb 2015

ran123ran

for a 25% deposit tesco bank fix is 1.59% with a £995 fee...2 year … for a 25% deposit tesco bank fix is 1.59% with a £995 fee...2 year fix.....................................................or 1.89% for a £195 fee ...2 year fix


Plus financial adviser fees

smashing rate for 25%

Anyone know if tesco taks rtb discount as deposit?

brenthobson1

Anyone know if tesco taks rtb discount as deposit?




No.......extract below from Tesco Bank website...
We do not currently offer mortgages for Buy to Let purposes, or in relation to Right to Buy, Shared Ownership or Government Help to Buy schemes.

Awesome

Mortgage sort it.. looking for property now

Just noticed this allows overpayments of up to 20% of the outstanding balance each year without incurring any charges.
Quite good if you can afford to overpay as most providers only allow up to 10% overpayments without incurring charges.

Even the over repayments attract clubcard points.

Nice

Thanks. Will look into this as my fixed term ended not so long ago.

How many clubcard points do I get for borrowing a quarter of a million quid? They give me some every time I borrow on my credit card!

Good deal here. heat added.

Leon8585

How many clubcard points do I get for borrowing a quarter of a million … How many clubcard points do I get for borrowing a quarter of a million quid? They give me some every time I borrow on my credit card!Good deal here. heat added.



Points are based on the monthly payment.......you get 1 point for every £4 mortgage payment.
on a £1k monthly payment you earn £2.50 in clubcard points which you can convert up to 4 times their value in clubcard boost.
Edited by: "ran123ran" 9th Feb 2015

Are tesco the actual lender or is this underwritten by someone else?

Only have 5 year left on my mortgage will I be able to move it.?

Ian182

Why would you ever worry about the SVR? Always switch or renegotiate when … Why would you ever worry about the SVR? Always switch or renegotiate when your current deal is about to expire.



Are you joking, not worry about SVR, these rates are to sucker folk in, and then when the rates have gone up people will be stuck on what will likely be base rate plus 3.75% with rates well above the current base rate and high fees to match, don't think I'd fancy a 5 year fix, as you.ll likely come out in a bad time. Rates aren't going anywhere in the short term.

The smart folk choose a base rate tracker and pay down their mortgage, whilst the sheep get suckered into fixed rates as 'you know what you are paying' and 'as base rate rises the payment will stay the same' ,
I'd hazard a guess that paying 1.29%~1.5% on a lifetime tracker (and paying down capital) will be far cheaper over the live of a mortgage than paying fees to fix and coming out onto SVRs at 2.75~3.75% above base.. To then refix for another fee

As always consult with a mortgage advisor as individual circumstances will mean options may not be possible for all.
Edited by: "whatyadoinsucka" 10th Feb 2015

Ian182

Why would you ever worry about the SVR? Always switch or renegotiate when … Why would you ever worry about the SVR? Always switch or renegotiate when your current deal is about to expire.


interesting, I'm always sceptical that ill find as good a deal with low fees when the special rate ends. Im currently on an svr of 2.99% nowhere has it that low anymore.
However, I've never thought about negotiating the rate - is that even possible? I thought the rates were set in stone?

whatyadoinsucka

Are you joking, not worry about SVR, these rates are to sucker folk in, … Are you joking, not worry about SVR, these rates are to sucker folk in, and then when the rates have gone up people will be stuck on what will likely be base rate plus 3.75% with rates well above the current base rate and high fees to match, don't think I'd fancy a 5 year fix, as you.ll likely come out in a bad time. Rates aren't going anywhere in the short term.The smart folk choose a base rate tracker and pay down their mortgage, whilst the sheep get suckered into fixed rates as 'you know what you are paying' and 'as base rate rises the payment will stay the same' , I'd hazard a guess that paying 1.29%~1.5% on a lifetime tracker (and paying down capital) will be far cheaper over the live of a mortgage than paying fees to fix and coming out onto SVRs at 2.75~3.75% above base.. To then refix for another feeAs always consult with a mortgage advisor as individual circumstances will mean options may not be possible for all.



You think?!
I'm hedging my bets on a rate change within 3 months of the general election result.

We're going to take up the Nationwide 10 yr fixed at 3.04% dependent on what a survey decides our property is worth. It works out £70 per month cheaper than our current deal, and is still lower than the rate we will switch to automatically with Natwest when that rate expires in May.
Only got 14 years left on the mortgage, so for us it makes sense to fix as long as possible as rate can only go up!

j8ulia

interesting, I'm always sceptical that ill find as good a deal with low … interesting, I'm always sceptical that ill find as good a deal with low fees when the special rate ends. Im currently on an svr of 2.99% nowhere has it that low anymore.However, I've never thought about negotiating the rate - is that even possible? I thought the rates were set in stone?


Negotiate was probably a bad choice of words. What I meant when I said negotiate was speak to your current lender and see what else they have to offer.

You very well may not find as good a deal when your rate ends than you have now. Rates are likely to go up. But that's just something we have to deal with. In my opinion, best to lock in as low as possible for as long as possible - make hay while the sun shines - then deal with everything else when the time comes.
Edited by: "Ian182" 10th Feb 2015

j8ulia

tesco svr is 4.24% nationwide is 3.99% so nationwide will be cheaper … tesco svr is 4.24% nationwide is 3.99% so nationwide will be cheaper when the deal ends. Clubcard points could sway it though!

don't think I'd fancy a 5 year fix, as you.ll likely come out in a bad … don't think I'd fancy a 5 year fix, as you.ll likely come out in a bad time

Rates aren't going anywhere in the short term.

The smart folk choose a base rate tracker and pay down their mortgage, … The smart folk choose a base rate tracker and pay down their mortgage, whilst the sheep get suckered into fixed rates as 'you know what you are paying' and 'as base rate rises the payment will stay the same

I'd hazard a guess that paying 1.29%~1.5% on a lifetime tracker (and … I'd hazard a guess that paying 1.29%~1.5% on a lifetime tracker (and paying down capital) will be far cheaper over the live of a mortgage than paying fees to fix and coming out onto SVRs at 2.75~3.75% above base.. To then refix for another fee


Oh dear. I think someone needs a bit of help here.

Firstly, I was replying to the lady who was talking about a fixed rate deal and SVR. My point was, SVR doesn't really matter if you're continuing on fixed rate (getting a new deal) as you'll fix again before the SVR comes into play. However, the SVR now most likely won't be the SVR in 2, 3, 5 years time. So there's no point really worrying about a lender's SVR now.

On to your next point. You're saying

So you'd rather risk spending more money on interest over a 5 year period than you would with a low rate fix, in case you come out at a bad time? That's the risk everyone runs. There is no right answer. But worrying about coming out in a bad time is not a reason to dismiss a fixed rate. Control what you can control now, and worry about things you can't control or predict later on down the line.

Your next point

Hmmm, don't share your confidence on that one. You're not a mortgage broker or a financial advisor, I could tell that quite quickly. So really don't think you have any substance to back up statements like that. Depends what you mean by short-term, but I don't agree at all.


There's no one best solution for mortgages. Otherwise everyone would do the same thing. So saying 'the smart folk do this' is just plain stupid. What works for you, might not work for someone else.


You're guessing. You haven't got a clue.

Edited by: "Ian182" 10th Feb 2015

WalkerboyUK

You think?!I'm hedging my bets on a rate change within 3 months of the … You think?!I'm hedging my bets on a rate change within 3 months of the general election result.We're going to take up the Nationwide 10 yr fixed at 3.04% dependent on what a survey decides our property is worth. It works out £70 per month cheaper than our current deal, and is still lower than the rate we will switch to automatically with Natwest when that rate expires in May.Only got 14 years left on the mortgage, so for us it makes sense to fix as long as possible as rate can only go up!



totally agree with you hedging your bets, trackers can certainly work for some people, fixes for others.
my main aim is to be mortgage free in x years, a tracker gives me that flexibility, I'm currently saving my overpayments, and will be lump summing when rates go above what i can earn on savings...

often people consider the worst case scenario when viewing base rates, the end of the day you should consider the neutral most likely outcome. If rates go up 5%, 10%, 15% New Fixed Rates will always go up inline with the banks profit on top. A tracker will follow that rate also, but at a lower margin to a fix. therefore long term a tracker makes sense.

i have friends mortgage free and also others who have no equity paid for and quite happy to move up the ladder on equity the house price rises have given them.. i know who'll be better off once rates rise..

Any chance of buying a house and sticking it on rent with this? 75% LTV seems really good.

Ian182

[ xx.



think we'll agree to disagree, i see some of your points, but i;'ll stick to overpaying my tracker, thats the best way to lower interest. assuming you are on the lowest rate.

personal circumstances is the key, i Agree.
I will consider a fix, I'm not totally opposed to them, I'd say i'm in the middle between risk seeking to risk neutral. (with risk comes reward after all), completely agree its all a guess, no one knows the future..
but hedging your bets is the smart thing to do, sticking your head in the sand certainly isnt.

i keep up with financial markets and business news, you are quite right on me not being a mortgage broker though (_;)
i spoke to three brokers on taking out a mortgage, the first two were blatantly corrupt, (advising long term fixes ,with limited overpayment options, presumably for a good commission throwback), they clearly hadnt listened,

the third guy i saw listened and advised well, helping me clear the big chunk of my mortgage in under 6 years..



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