A spokesperson from Tesco Bank told Mortgage Solutions that for five-year fixed rate remortgage products the cashback is £250, available from 60% to 95% loan to value (LTV). For two-year fixed rate remortgages the lender provides a cashback of £1,000, from 75% to 95% LTV.
The offer comes as either a free standard conveyancing service or the cashback depending on the product selected, the lender said.
All Tesco Bank mortgages offer a free valuation service.
Tesco Bank Mortgage customers can collect one ClubCard point for every £4 on their monthly repayments. Points are also collected on overpayments, but not on any overpayment made to pay off the mortgage in full.
Julian Hartley, director of mortgages, savings and loans (pictured), said the team was pleased to be introducing the cashback option.
He said: “Currently all remortgage customers receive a free standard conveyancing service and by providing this extra little help, customers can either opt for this free service, or take a product with a cashback contribution, giving them the flexibility to choose their own legal services.”