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Tesco offering new range of loans via online service

Tesco Personal Finance is offering a range of exclusive mortgages through

its online mortgage finder service.

TPF, which is a joint venture with the Royal Bank of Scotland, is teaming

up with other lenders, including Yorkshire Building Society, First Active

and specialist lender Mortgage Express.

The company says the loans will be mainly online but it has linked up with

John Charcol to provide advisers for a call centre for those needing

guidance through the online application process.

The range features a flexible mortgage which charges 4.25 per cent for the

first six months, a two-year fix at 5.59 per cent and a first-time buyer

100 per cent mortgage with a starting rate of 7 per cent.

TPF says there are no redemption penalties after the end of a fixed or

discount period, no compulsory insurances and interest is calculated daily.

Chief executive Iain Clink says: “One size does not fit all when it comes

to mortgages. Using our service, the process of comparing mortgage deals is

made much simpler, quicker and more convenient. We would urge people to

shop around.”

Marketing manager Mark Austin says: “We are bringing a service to people

who have traditionally been intimidated by IFAs.”


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