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Cashback mortgages may not be the best option

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There were 1,350 cashback mortgage deals at the start of June, according to the data firm Moneyfacts, up from 1,276 last month. Some 64 deals pay £1,000 cashback. Times Money looked at the best cashback deals available for first-time buyers, homemovers and remortgagers and compared repayments with the best overall rates. It found that you could pay more in interest over just six months than you would earn on some of the cashback deals. Mark Harris from the mortgage broker SPF Private Clients, said: “Freebies can be enticing but you must work out the true cost of them as they often come with a higher rate so you may end up paying more in the long run.”

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