The tracker deals follow the Bank of England base rate, plus a set percentage which varies depending on the length of the deal you choose. Fixed rate deals freeze the rate you pay for 2, 3, or 5 years.
You’ll need a minimum deposit of 10% to qualify for any of Tesco’s mortgages, but the best rates are offered to those with larger deposits.
Tesco Personal Finance launched initially as a credit card provider but today the bank has 7.2 million customer accounts across a range of banking and insurance deals including savings accounts, loans, current accounts and home insurance.
Tesco Bank launched its first mortgage in 2012 and its current account in 2014. The bank’s lending balances alone currently stand at £7.5 billion.
All the products offered by Tesco Bank are available online, on your mobile and over the phone.