The two-year tracker, with is available exclusively to Tesco Clubcard holders, is set at 0.26 per cent below base rate for the first two years, giving a payable rate of 5.49 per cent. Then it tracks at 0.95 per cent above for the remaining term (6.7 per cent APR).
The tracker is available for remortgages of up to 75 per cent of the property value, and comes with a £599 arrangement fee, a refunded valuation and free basic legal work. Early repayment charges apply for the first two years, but overpayments can be made at any time without charge.
Customers can apply for this product on Tesco's website.
Colin Robertson, head of lending at Tesco, said: “The mortgage finder trial pilot which we began in January has proved very popular with customers and we have decided to extend it. Saffron have secured our customers a market-leading mortgage which is available for a limited time only.”
