Santander mortgage incentive – cashback is now on offer.
A new Santander mortgage incentive is now available to existing banking customers, who are approved for a new mortgage and repay the loan via monthly direct debit.
Both new and existing 123 current account holders are to be offered 1% cashback on their Santander mortgage if it is repaid through a direct debit of up to £1000 per month.
It is anticipated that this could save mortgage holders who qualify for the discount around £120 per year.
The 123 account currently pays customers 1% cashback if they pay their council tax by direct debit, 2% cash back for paying their water bill by direct debit, 2% cashback for gas and electricity and 3% for paying broadband and telephone bills by direct debit.
A Santander mortgage spokesperson has said that during financially challenging times it is vital for home-owners to save as much money as they can where they can. Santander says by offering cashback it is just responding to home-owners needs.
With mortgage incentives it is important to remember that in themselves they do not make an offer competitive. If you switch deals or chose a specific deal for an incentive such as cashback, you have to ensure that the overall offer is competitive.
You can do this through Deal Direct, we will compare all offers factoring in rates, fees and incentives to find the most affordable and appropriate mortgage to match your needs. Contact one of our advisers today and they will conduct a mortgage search on your behalf.
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