Tesco launches first mortgage range

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Tesco Bank has extended its range of banking services with the launch of a selection of mortgages available to borrowers with at least a 20% deposit. The new mortgage products include two, three and five-year fixed rates, and a two-year base rate tracker. Rates are not market leading, but as they start at 3.19% they are competitively priced. Tesco Clubcard holders will be given Clubcard points as they repay their mortgage, and will collect one point for every £4 on their monthly mortgage repayments. Benny Higgins, Chief Executive of Tesco Bank, commented: "Entering the mortgage market is a significant step in broadening the products we offer to Tesco customers. With a focus on serving Tesco customers for the long-term, we will take responsible lending decisions and have developed a mortgage business to meet our customers' needs now and into the future." August 10, 2012
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