Tescocompare.com awards one lucky Hertfordshire homeowner £500 per month towards their mortgage

Tescocompare.com, the financial search engine, today announced the winner of its ‘Pay Your Mortgage for a Year’ competition run in conjunction with London & Country Mortgages Ltd. The winner, Mrs Wilding, a part time teacher and mother of two from St Albans, Hertfordshire, and her husband, who have just remortgaged, will receive £500 per month towards her monthly repayments for the next 12 months.

The competition, which ran from 6th November through to the end of December 2008, was open to anyone who returned a mortgage application via Tescocompare.com’s online mortgage comparison tool, which is run by London & Country Mortgages Ltd.

Mrs Wilding, who lives in a 4 bedroom detached house in St Albans, has a mortgage of £146,530 and used Tesco Compare’s mortgage tool to compare remortgage deals. Her fixed deal with Coventry Building Society has now come to an end and she has switched to Cheltenham & Gloucester, on a 3 year fixed rate mortgage of 4.69% paying £807.15 a month. The £500 monthly winnings will therefore amount to 61% of her total monthly repayments.

A spokesperson from Tesco Compare commented: "We’re delighted Mrs Wilding was able to find a competitive remortgage deal through our comparison service and the added bonus of winning the competition means a substantial amount of her mortgage repayments will now be covered, leaving her more money a month to save or put to use elsewhere."

Competition winner, Mrs Wilding commented: "I was recommended Tesco Compare’s mortgage comparison service by a family member, and found it simple and easy to use. The advisors at Tesco Compare’s partner, London & Country, listened to our requirements before making any recommendation. I’m glad we started to search the market well in advance of our existing fixed rate deal coming to an end and have found a competitive deal to move to. Winning the competition has meant a fantastic start to the year and we will use the extra money to save into our conservatory fund."

The online mortgage service at Tesco Compare launched in October last year, and offers consumers a free, comprehensive search of the mortgage products available on the market, as well as a dedicated team on hand offering expert advice over the phone. First time buyers, home movers or those looking to remortgage can compare product features on a like for like basis as well as make use of an online mortgage calculator and jargon buster, all from a brand they know and trust.