Tesco and Virgin cut mortgage rates for home buyers.
Tesco Bank and Virgin Money are further reducing their mortgage rates on some of their 2, 3 and 5 year fixed ranges. In order to broaden their appeal to potential buyers, rates are available for different loan to value percentages. Varying incentives are also being included, which could make it easier for you to gain a foothold on the property ladder.
The following are a few examples of the reductions from the 3 year fixed rate options from both lenders:
From Tesco:
- With no product fee and for up to 80% LTV, the rate is now 2.34%.
- With a product fee and for up to 80% LTV, the rate is now 1.99%.
From Virgin:
- For up to 70% LTV, the rate is now 1.79%.
- For up to 75% LTV the rate is now 1.84%.
- For up to 80% LTV, the rate is now 1.89%.
Product fees are applicable but Virgin are offering a level of cashback.
As you can see from the above, the ranges are varied. Consequently, it can be quite tricky to work out by yourself which rate is the most affordable, when you take into account whether fees are applicable and if cashback is given or not. These factors can affect how much you pay overall and, what appears to be the lowest mortgage rate, can actually turn out to be more expensive in the longer term.
So, how do you decide?
Deal Direct is a specialist mortgage broker with a vast amount of experience in comparing all offers from lenders across the whole of the market. Our experts work tirelessly on your behalf to help you obtain a mortgage that is the best fit for you and your circumstances.
Our expert advisors are waiting to discuss your mortgage requirements with you today.
Call Deal Direct now on 0800 048 8828.
