Tesco release 85% LTV mortgages BUT watch the non-refundable booking fee!

Tesco has finally seen sense and announced the release of mortgages at lower 15% deposit levels.

When Tesco announced its entry into the mortgage market last year, it advised deals would be up to a maximum 80% loan to value. It considered that its customers did not require products at smaller deposit levels.

Recently the lender has changed its mind, and has launched 2, 3 and 5 year fixed rate mortgages at 85% LTV. The rates it offers are not market leading, but they do at first appear competitive against the wider market.

However looks can be deceptive. There is a catch. Whether your application is successful or not, you are required to pay a non-refundable £199 booking fee.

As these are direct-only offers you will have to make your application and hope you are not refused, which would lead to the loss of your fee and a stain on your credit record.

Are there alternative 15% deposit mortgage options?

Rather than take a risk with a Tesco mortgage, you could apply for a 15% mortgage through the Chelsea BS, Virgin or the Yorkshire BS via independent 'whole of market' broker Deal Direct.

We will firstly ensure that you perfectly suit the lender's criteria for whatever mortgage product you apply for, and secondly we will ensure you do not get caught out and end up paying a non refundable booking fee.

We always work in your interest and on your behalf, and not on behalf of the lender. Finding you the very best mortgage deal is our priority.

Whatever kind of mortgage you are looking for call Deal Direct for advice and a quote.

Our advisers will find you the best mortgage deal for your circumstances.

Call today on 0800 048 8828.