Tesco Bank have announced that in the first half of next year they are going to open up their mortgages to the intermediary market. This is encouraging news for the industry, there have been a number of additions to the intermediary market including TSB earlier this year. The addition of lenders to the market provides more competition which often leads to better rates and also more variety in mortgage products for borrowers.
There has been a lot of talk over the last few months about a price war between mortgage lenders and it seems that this is set to continue. It provides people with an excellent opportunity to either purchase their first house or remortgage onto a more competitive rate. With competitive 5 year and even 10 year fixed rates available, it is a great time to find a fixed mortgage to give people a sense of security over what could be an unpredictable few years.
Your home may be repossessed if you do not keep up repayments on your mortgage.
A fee will be payable of £995 for mortgages up to £500,000, £1,500 for mortgages between £500,001 and £1,000,000 and £2000 is payable for mortgages over £1,000,000