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Cashback Mortgage Deals Soar for both Residential and BTL Borrowers

Personal_Finance / Mortgages Nov 27, 2018 - 04:50 PM GMT

By: MoneyFacts

Personal_Finance

With a limited number of people interested in applying for a new mortgage of any type at the moment, product numbers being at all-time highs and competition still pushing interest rates down, mortgage providers seem to be turning to cashback incentives as a way to stand out from the crowd.

The latest research from Moneyfacts.co.uk highlights that cashback incentives as a key product option are becoming more widespread within both the residential and buy-to-let (BTL) mortgage market.


Darren Cook, Finance Expert at Moneyfacts.co.uk, said:

“Buying a new home or remortgaging your existing deal can be an expensive process. An offer that contains cashback may help to soften the immediate costs that this process incurs.

“The current number of 1,459 products that are available with a cashback incentive is nearly two-and-a-half times greater than the number in November 2011, when it stood at 627. Additionally, these deals now make up 29% of the overall mortgage market, a marked increase from the 19% seen in 2011.

“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.

“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."

Darren Cook, Finance Expert at Moneyfacts.co.uk, said:

“An incentive of cashback to assist landlords in covering the costs of a buy-to-let mortgage is becoming a more prominent feature of the buy-to-let market. Especially considering last year’s upheaval in this sector, landlords will be looking for any way to cut costs and increase their margins. It seems that providers are obliging.

“The current number of products with a cashback incentive stands at 444, which is nearly double the number of products that were available two years ago. Furthermore, 266 of these products are available at the higher loan-to-value tiers of 70%, 75% and 80%, which could make them particularly appealing to first-time landlords.

“Despite the increased number, the percentage of the BTL market that these deals encompass remains below 20%, which means interested landlords will need to do some digging to find the right product with the right incentive(s). 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.”

moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, there is no commercial influence on the way moneyfacts.co.uk ranks products, showing consumers a true picture of the best products based on the criteria they select. The site also provides informative guides and covers the latest consumer finance news, as well as offering a weekly newsletter.

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