The number of residential mortgages with a cashback incentive rose to 1,459 in November 2018 from 1,315 in May and 1,249 in the same period last year, according to the latest figures from Moneyfacts.
The report showed that this is nearly two-and-a-half times greater than the number in November 2011, when it stood at 627.
These deals now make up 29% of the overall mortgage market, a marked increase from the 19% seen in 2011.
The number of buy-to-let deals with a cashback incentive increased to 444 in November 2018 from 339 in the same period a year ago. The proportion of all BTL products with a cashback incentive now stands at 19%.
Darren Cook, finance expert at Moneyfacts, said that buying a new home or remortgaging can be an expensive process and an offer that contains cashback may help to soften the immediate costs that this process incurs.
He added: “First-time buyers may be encouraged to find that two-thirds of residential mortgage deals with a cashback incentive option require a deposit of up to 20%. This could make quite a difference upfront to those who have struggled to save a suitable deposit amount.
“As always, borrowers will need to compare mortgages by taking all their features into account, rather than focusing solely on the incentive package, rate or fees.”