£1000 cashback mortgage rates - are they competitive?

Many lenders offer cashback with mortgages as an incentive to borrowers, but are cashback offers worth the mortgage rates charged.

For example if you can get cashback with your mortgage is it worth paying high fees to get a low rate? Will the cashback cancel out the fee to make the deal worthwhile?

Cashback is a tool used by lenders to attract borrowers, however before rushing ahead and accepting an offer, it is vital to consider all factors to make sure the deal is not going to cost you more overall. Are there cheaper deals on offer making the cashback mortgage less attractive, this is something you need to find out.

The thought of up to £1,000 cashback with your mortgage may sound appealing, but the rest of the terms needs to be competitive to make it worthwhile. Don't miss out on a low rate offer for a bit of upfront cash if the deal will cost you far more long term.

Cashback mortgage highlights include:

Yorkshire Building Society - first time buyers receive £1,000 cashback

• A 2 year fixed rate mortgage for 90% LTV at 4.99%. 
• A 2 year fixed rate mortgage for 85% LTV at 3.79%. 

Fees are £130

If you would like to compare lenders rates, fees and incentives to work out which is the best mortgage overall you should do this on a like for like basis.

Comparing mortgages and factoring in all elements can be a complex business, you are therefore advised to seek expert help to make an accurate comparison.

Take the guess work out of working out which is the best mortgage on offer for your circumstances and call an adviser at Deal Direct on 0800 048 8828.

Contact 0800 048 8828 for a competitive mortgage offer.