Tesco is planning to offer a limited selection of mortgages to Clubcard customers only.
Tesco’s mortgage service, the Tesco Mortgage Finder, is provided by London and Country, and it searches the market for the best deal. Now, the service has agreed on an exclusive deal with Saffron Building Society – a two year tracker set 0.26% below the base rate for the first two years – a payable rate of 5.49%. The deal will then track at 0.590% above for the remaining term.
“The mortgage finder trial pilot which we began in January has proved very popular with customers and we have decided to extend it,” says Colin Robertson, head of lending at Tesco. “Saffron have secured our customers a market-leading mortgage which is available for a limited time only.”
Tesco, the UK’s leading supermarket, launched Tesco Personal Finance, which covers insurance and banking among other services, in 1997. Tesco currently operates more than 5miillion accounts, jointly with the Royal Bank of Scotland Group.
The new Tesco and Saffron BS mortgage, which is available for up to 75% of property value and comes with a £599 arrangement fee, is available on a first come first served basis to Tesco Clubcard customers only.
Find out more about Tesco Mortgages