Tesco share price: Banking unit launches five-year mortgage fix

Tesco’s (LON:TSCO) banking division has launched two five-year fixed rate remortgage products, the company has said. The move comes as the challenger

Tesco share price: Banking unit launches five-year mortgage fix

Tesco’s (LON:TSCO) banking division has launched two five-year fixed rate remortgage products, the company has said. The move comes as the challenger bank looks to make it easier for customers who want to remortgage their home. 

Tesco’s share price has fallen into the red in today’s session, having shed 1.37 percent to 176.40p, largely in line with the selloff in the broader London market, which has seen the benchmark FTSE 100 index give up 0.94 percent to 7,318.86 points so far today. The group’s shares have added more than 10 percent to their value over the past year, but have given up some 14 percent in the year-to-date.

Tesco Bank announced in a statement yesterday that it had introduced two five-year fixed rate remortgage products, and had further reduced the rates across a selection of its two-, three- and five-year fixed rate house purchase and remortgage products. All products will move onto the Tesco Bank Standard Variable Rate, which currently stands at 3.89 percent, at the end of the initial fixed rate period.

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