What types of mortgages do Tesco offer?
Tesco offer a fixed rate mortgage over two, three or five years as well as a tracker mortgage that follows the Bank of England base rate. Fixed rate mortgages offer peace of mind and can help monthly budgeting because you know that your repayments will be the same each month for the period you’ve opted for. A tracker mortgage means that your monthly payments may vary depending on whether overall interest rates go up or down.
You can also take a Tesco mortgage with you when you move home which can make life a lot simpler – although you may have to pay a property valuation fee as well as other admin costs. If you’re re-mortgaging, Tesco may even cover your standard legal fees for switching – although you may have to cough up for any additional fees.
Tesco may also give you the option of a payment break so long as you’ve made six monthly repayments in a row. The break is for one month and you can take up to two breaks every 12 months.
And of course, with Tesco, you’ll get Clubcard points on every monthly payment so if you already shop with Tesco then this could be a great way to boost points and get even more rewards.