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An Avios windfall for anyone who has a Tesco Bank mortgage

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Back in May, we covered the announcement that Tesco Bank had decided to pull out of the mortgage market.

It was recently announced that Lloyds Banking Group had bought the ‘book’ in a £3.8bn deal.  It paid 2.5% over the face value of the outstanding loans.

It seems that Tesco Bank is being more than fair with compensation to mortgage holders who will no longer be able to collect Clubcard points on their mortgage payments.

Tesco Bank mortgage book sold to Halifax

For customers on a fixed rate or tracker mortgage, they will receive – in one chunk – all of the Clubcard points they would have earned over the remaining term of their fix or tracker deal.

For anyone on a standard variable rate, they will receive a one-off payment equivalent of 12 months of Clubcard points.  This is generous, given that the customer could then immediately remortgage.

The reader who sent me details was in line for a payout of 23,000 points, worth 55,000 Avios.

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Comments (70)

  • Chrisasaurus says:

    Odd OT: Amex Plat car hire insurance, does anyone know whether it covers (UK) Motorhome rental? I know (or believe) it excludes vans, but what about recreational motorhomes? (<3.5ton)

    • Lady London says:

      I think Questor do vehicle Excess Hire for those if needed, if Amex cover excludes. Most dont cover them.

    • BFT01 says:

      The car insurance that comes with your Amex card is from
      insurance4carhire.com
      check their website for T& Cs

  • Waddle says:

    OT: Etihad Chauffeur service

    I know I can book online and enter the details of my arrival into AUH but that would book me a car immediately after I land. I would prefer to spend a few hours at the arrivals lounge before getting driven to Dubai. Would I be able to not book anything, go to the arrivals lounge and then ask the chauffeur desk for a car without booking in advance?

    • e.thomas says:

      5 yrs ago, so may have changed, it was only when you got to chauffeur area that they logged you as needing a car. The waiting area for this was in a lounge area. if that is considered the “arrivals lounge” you will not want to spend any time there.