Remortgage With Cashback

Cashback remortgages are quite a common thing nowadays, with many mortgage providers offering a cash lump cum as an incentive to choose their products.

However, while it is easy to be swayed by the promise of cashback, it is vital to look at all aspects of a remortgage deal before making any decisions.

What is a cashback remortgage?

Essentially, a cashback remortgage will offer you a lump sum which can be a useful perk to put towards other costs involved in remortgaging – perhaps to help fund some home improvements. Many mortgage providers also offer perks such as free legal fees and free valuation if these are required.

What to consider before choosing a cashback remortgage

Although a remortgage with cashback can seem like a very attractive option at first glance, don’t automatically assume it is the best deal for you. Points to think about include:

• Will the value of the cashback be recouped in some other way? i.e. through higher interest rates? Remember that mortgage lenders are businesses at the end of the day – they aren’t out to do you a favour! It’s likely that what you get back in cashback will be made up over time through interest rate charges or other expenses. Therefore whether you opt for cashback or not bold down to whether it’s more useful for you to have a lump sum in the short term or to save in the long term.
• Aside from the cashback offer, is the remortgage good value for money over the longer term? How does it compare to other offers on the market?
• Does the remortgage suit my needs? What type of remortgage do I hope to get? Do I want a fixed rate remortgage, a tracker remortgage, or a remortgage with the option of making flexible repayments?

Getting the right remortgage can be a bit of a minefield with so many attractive-looking cashback deals and discounts on offer. Fortunately, out expert team of specialist remortgage advisers are on hand to help you at every stage of the way, so call today on 0845 450 9661.