Charcol offers lifetime tracker

The tracker rate is 0.99% above bank base rate for the duration of the mortgage (current payrate = 4.99%). The product also charges no redemption penalties beyond the first three years, as well as boasting a 6% cashback, which - if used to make monthly repayments - would create an effective introductory rate of 2.99% over three years.

Ray Boulger, of Charcol, commented, "Other mortgages offering a cashback of this size have redemption charges for at least 5 years and most charge the lenders’ standard variable rate, typically a little under 6%. Borrowers can either keep their initial payments low by reinvesting their cashback and using it to subsidise their mortgage payments for three years, or use the cashback to cover some of the initial costs of moving.

"Furthermore, as there is no cap to this cashback offer, those borrowing the maximum loan amount of £2million would earn a staggering £120,000 cash back. This could be particularly useful for anyone buying a property for more than £500,000 as the cashback would pay the 4% stamp duty and still leave enough over to cover most, if not all, of the other costs of moving."