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Borrowers missing out on cashback: CashbackRemortgages

The number of mortgage products offering cashback incentives has dropped by 82 per cent in the past six months, according to CashbackRemortgages.

The broker is urging customers to use specialist remortgaging brokers which split the proc fees they receive with clients.

CashbackRemortgages calculates that just 4 per cent on mortgage deals now offer cashback and one in five money-back products is only available to first time buyers.

It claims remortgagers can claim more than £1,000 by using reimbursement brokers by receiving both the cashback incentive from the lender and the remuneration share of the broker’s proc fee.

CashbackRemortgages’ research found that despite the number of reimbursement products falling, the average amount available on cashbacks is now £467, a rise of £101 since May 2017.

The broker claims it pays borrowers an average of £690 cashback but it has paid as high as £11,000 on a single mortgage.

CashbackRemortgages founder Suchit Sethi, says: “With only 4 per cent of mortgage market products offering cashback, consumers need to wake up and realise they can get money for nothing by using a cashback broker.

“In addition, consumers are being ripped off by brokers – some even charge hundreds of pounds in additional fees just for the consultation for the sake of a few hours work. We are campaigning for this to change, brokers should no longer have a such a vice grip on consumers. It is time homeowners were put first and the commission fees shared with them.”

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