Is cashback on your mortgage worth it?

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  • A rising number of lenders are offering cash back rewards
  • Funds can be useful for movers faced with plenty of upfront costs
  • Cash back should be weighed up with interest rates and other fees 

Sarah Davidson For Thisismoney.co.uk

The offer of £1,500 cash in your hand the day you move into your first home could seem tempting, but do cash rewards end up meaning your mortgage costs more?

An increasing number of lenders are attempting to attract borrowers with the offer of cash back rewards, free legals and a free valuation, with Accord Mortgages, part of the Yorkshire Building Society, the latest in a string to offer this type of deal to first-time buyers. 

It is adding a £500 cash boost for borrowers completing on all 90 per cent and 95 per cent loan-to-value mortgages – but only…

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