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Now Tesco and the Nottingham join mortgage war

More lenders are announced cut-price mortgage deals just days after predictions that the market was heading for a new price war.

Tesco Bank is targeting those planning to make a move on the property ladder by cutting the rates on its two-year fixes.

This comes just one day after Nationwide announced a string of cuts to its fixed-rate mortgage range.


The Nottingham Building Society has launched two new 95% first-time buyer mortgages.

Yorkshire, Leeds and Teachers building societies have all unveiled new high-LTV deals aimed at first-time buyers this week.

Tesco Bank now charges 2.29% on its two-year fix to 90% LTV.

It also charges 1.89% to 85% LTV and 1.69% to 80% LTV. All three deals come with £1,300 product fee.

Customers can also collect Clubcard points as they repay their mortgage, and are free to make regular or lump sum overpayments of up to 20% a year during the initial rate period, without having to pay an early repayment charge.

The deals are available for first-time buyers, home movers and those looking to remortgage, and those remortgaging will also benefit from free standard legal fees.

David McCreadie, managing director, banking at Tesco Bank, said: "These products further widen the options available to customers looking to take their first or next step on the property ladder.” 

The Nottingham Building Society is launching two new 95% first-time buyer mortgages to intermediaries, available across the UK.

The Nottingham has offered a 95% mortgage to first-time buyers for many years through its own network of branch-based advisers, but this is the first time it has been extended to brokers as a nationwide offer.

The two new products are a three-year fixed rate of 4.59% and a five-year fixed rate of 4.79%, both with no upfront booking fee and no arrangement fee.

Jonathan Cartlidge, senior product manager at The Nottingham, said: “The buoyant intermediary market allows us to spread the reach of these products further and continue to support new borrowers getting onto the property ladder, which is one of our key aims as a building society."

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