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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.”



Accord boosts cashback offer on higher value loans

Accord has improved its first-time buyer offers by boosting the cashback available on its 90 and 95 per cent LTV deals. Borrowers with just a 5 or 10 per cent deposit will now be able to get £1,000 cashback. This mortgage range isn’t  just available to first-time buyers, it is also available for those moving […]


Halifax Intermediaries restarts £1,000 cashback deal

Halifax Intermediaries has restarted its £1,000 cashback deal for first-time buyers and home movers, starting today. The offer, which previously ran from 30 April to 24 June, will run until 4 November 2018. In addition, customers who remortgage will qualify for £250 cashback. Halifax Intermediaries head Ian Wilson says: “These cashback offers are part of […]

China tech and Global Alpha: a new great leap forward

By Robin Geffen, Fund Manager and CEO

Internet giant Alibaba is exactly the type of entrepreneurial company that the high-conviction, top-performing Neptune Global Alpha Fund seeks to invest in. Established just 14 years ago in an apartment in Hangzhou, today Alibaba is larger than Amazon and eBay put together and is challenging some of the most powerful internet companies in the world…

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