The Halifax cash back mortgage offer.
The Halifax has announced that it is offering a £500 cash back mortgage incentive to new customers, to be paid out upon completion of their property purchase.
Cash back offers are becoming a common tool to attract new customers. Such offers are appealing to cash strapped buyers. The lump sum offered can help towards paying mortgage fees which are rising, the cost of moving house or help with furnishing and setting up a first home.
While cash back mortgages may sound appealing, it is important to remember that the money paid out does not come without a cost. Lenders are offering you a sweetener to accept their mortgage, however over the course of the deal you may end up paying it back.
If the rate offered is not competitive against the wider market, any money you receive could cost you more longer term. It is therefore vital to work out the overall cost of the deal. You should be asking is it truly competitive, and is it the right mortgage for your needs.
Working out the affordability of any mortgage can be a complicated business therefore it is best done with the help of 'whole of market' broker Deal Direct. Our expert advisers will compare any cash back mortgage against other lenders offers to see whether it is the most affordable over all.
Mortgage incentives are only worthwhile if the overall deal is competitive, if it is not you could end up pay more for your mortgage.
For expert advice and the cheapest mortgage offers
contact Deal Direct.
