Loans and mortgages the Tesco way
Just 2 years ago Tesco launched its own mortgage package, however they have discovered that the one mortgage they offered was not competitive enough for the market and lacked choice for customers, so the Tesco group has changed tack and opted to go with a mortgage finder instead.
Their choice of mortgage broker is London & Country, which means their customers will now be able to search for cheaper deals and will have more choice rather than their own-brand one.
Mortgage brokers invariably manage to negotiate a better deal for clients as they are used to dealing with mortgage lenders. They are soon to launch a similar service with an estate agent.
Tesco at one time seemed to want to be the cheapest for everything. Their non-supermarket service such as car insurance, home insurance and phone tarifs did not always come up the cheapest. However they seem to be the leader of the pack when it comes to personal loans.
Tesco personal loans has a winning APR of 6.6%, cheaper than Sainsbury's and Asda. All 3 supermarkets offer similar savings accounts, home and car insurance and credit card deals too. The deals vary slightly but all offer big discounts and special deals to entice you on board. The moral of the story? Don't automatically go for Tesco as the cheapest for everything. Shop around as there are other great deals out there too.
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