Sussex Property Market View

Popularity of cash back mortgages on the rise...

According to an article on Property Reporter, the latest data from Moneyfacts has shown that the popularity of mortgage cashback offers continues to grow, with both the number of deals and average cashback amount both seeing increases.

According to Moneyfacts, the number of deals offering cashback has increased from 939 a year ago to 1,249 in November 2017 and 1,315 today with the average amount of cashback offered also steadily increasing, rising from £366 in May 2017 to £449 today.
 
The largest amount of cashback on offer has also risen from £1,000 six months ago to £1,500.
 
However, while cashback is a handy perk, borrowers should be looking out for the most suitable mortgage deal for them, and not focus solely on the lowest rates or a standalone incentive. For example, at 95% loan-to-value, Furness BS offers a £1,500 cashback incentive on its 4.50% five-year deal with no product fee, but it can be more expensive than others in terms of true cost. As an alternative, Yorkshire Bank offers a 3.79% five-year fee-free fixed deal with up to £500 cashback and free valuation, making it £4,742.60 cheaper over the first five years**.
Read the whole article here...
Share the knowledge:
You may also like:
Follow:
There were errors on the form. Please check below...
Submit
Neil Moore of GL and Co.

With these updates, I follow the property market across Sussex and pass all our knowledge and findings on to you, the buyers, sellers, tenants and landlords of Sussex.

If you are thinking of buying a property for rental and would like to discuss this or if you see a property for sale and would like an opinion on the rental return and investment potential, email me at neilmoore@glproperty.co.uk or call me on 01903 742354.

Neil Moore