You are here: Home - News -

Lenders increase cashback mortgage deals

by:
  • 21/05/2018
  • 0
The number of mortgage deals offering cashback has spiked in recent weeks, and the amount of cash on offer is also on the rise.

There are currently 1,315 cashback deals on the market, up from 939 in May 2017, according to Moneyfacts research.

In the last fortnight, Barclays, Coventry Building Society, Leek United Building Society, Loughborough Building Society, Sainsbury’s Bank, West Brom Building Society, and Yorkshire Building Society have all launched or improved their cashback deals.

Borrowers can earn, on average, £83 more in cashback today than they could 12 months ago, with the average jumping from £366 to £449. But the highest sum available has fallen to £1,500 from £2,500.

Improved incentive packages will offer some relief to borrowers who have been met with rising mortgage rates in recent months.

Rachel Springall, finance expert at Moneyfacts, said: “This will be great news for borrowers looking to cover the cost of moving, or to pay for the fees of instructing their own solicitor to handle legalities. Still, out of the entire mortgage market, only 28% of the deals offer a cashback incentive, so there is much more room for improvement.”

The study suggests most cashback on mortgage deals are aimed at borrowers with smaller deposits or equity. Some 64% of all deals on the market are available to borrowers with a deposit of between 5% and 20%.

 

There are 0 Comment(s)

You may also be interested in

  • Do you know a Broker who deserves to win Broker: Complex Credit at this year’s British Mortgage Awards? The award i… https://t.co/9dkIMznqM2
  • WEFF Executive event: Generational divide risks turning workplace into ‘dysfunctional Christmas dinner’- Dr. Eliza… https://t.co/pw23qmik0l
  • WEFF Executive event: Generational divide risks turning workplace into ‘dysfunctional Christmas dinner’- Dr. Eliza… https://t.co/r6EoaAak5S
  • RT @montysblog: Jokers! Exacerbating the Mortgage Prisoner problem! Treasury sells 66,000 UKAR mortgages to inactive lender Citi - Mortgage…
  • RT @CanadaLifeUKadv: We’re excited to be attending @Mortgagesols Buy-to-Let Forums later this month in Manchester and Birmingham. Register…
  • RT @VickyHartleyMS: Catch up on last week's mortgage news with us @mortgagesols The top 10 mortgage broker stories this week - 29/03/2019 -…

Read previous post:
Geoff Hall, MD Berkeley Alexander
How to help protect your clients from EPC failings

Despite much being written about the Energy Act, including in Mortgage Solutions, according to research by HSB Engineering, less than...

Close