Competition in the Mortgage Market
Lenders are offering cashback as part of deal incentives for first-time buyers.
Checking the Fine Print
Experts warn buyers to carefully review the details of cashback mortgage deals.
The Value of Cashback
Some deals offer cashback ranging from £200 to £2,000 for buyers with a small deposit.
Consider the Total Cost
It's crucial to evaluate the overall value of a mortgage deal, including the cost over the deal period.
Choosing the Right Mortgage
Don't base your decision solely on the cashback offering. A lower-rate deal may be more beneficial in the long run.
Tips for Finding the Best Mortgage Deal
Lock in current deals before your existing loan ends, consider the size of your deposit, and use a mortgage comparison tool.
Additional Factors to Consider
Changes in your credit score or salary could help you access better rates. Beware of standard variable rates, which can be expensive.
Seek Professional Advice
A mortgage broker can help you find the best deal, but be prepared to pay for their services.
Remember to factor in fees and consider joining a financial advice group for more tips and support.
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