Cashback Mortgage websites.

seriously

Hi

Does anyone have experience of sites like:

cashbackremortgagesquote
themortgagegenie

habito
trusle

These all seem to be online brokers but offer very high cashback amounts whilst just simply offering the same rates as seen on each lender's website.

Are they easy to deal with? How is the cashback paid etc?
Thanks for any advice!:beer:

csgohan4

Cashback are gimmicks, go with the mortgage deal that is right for you. Get a good broker, not a conveyor belt one unless your case is straight forward

SonOf

These all seem to be online brokers but offer very high cashback amounts

The cashback is just a rebate of some of the commission. Unless you are in London or the expensive parts of the South East then the commission is not a lot and the rebate won't be much either.

Are they easy to deal with?

Factory line mortgage brokers are fine with simple cases. They tend to fall down if things become more complicated or you are pushing lending limits.

ACG

Mortgage Genie says they may charge a fee.
I cant even find the cashbackremortgagequote site.

Are you saying they are finding a deal that pays cashback or they are offering a percentage of the commission back?

If the former, we have deals that pay up £1,000 cashback, but usually that will be built in to the cost somewhere. £1,000 cashback on a £100k mortgage with a higher interest rate could be worthwhile.

£1000 on a £500,000 mortgage with a higher interest rate is probably a false economy.

If the latter and they are splitting the commission then you have to wonder where they are lacking when you think some brokers (us included) charge a fee. I remember seeing an image once that said fast, good, cheap - you can have any 2.

If you are getting cashback from the commission, then they are cheap but they are most likely not going to be quick as it is unlikely they will be able to afford to offer the same level of service we would - it will be a numbers game for them, pile it high and sell it cheap.

house_help

I used Habito via topcashback last year for my house move. £200k to £300k range mortgage so got £300 cashback.



We were a simple / straight forward case. I had already decided which lender and product I wanted. It came back on the list of options they provided with same cost etc.. as if gone direct.



For me no extra hassle to go through them so worth doing it for the £300. It tracked on TCB & paid few months after completion.


That said I don't think I would do it unless straight forward case. My first house purchase when it was tighter on affordability the broker proved their worth by steering down the right lender. In that case a broker to recommend product to suit circumstance rather than provide list and pick the cheapest if worth it even if no cashback etc.. It may be that Habito staff would have been able to do that also but I have no experience on using them with more difficult

seriously

csgohan4 wrote: »

Cashback are gimmicks, go with the mortgage deal that is right for you. Get a good broker, not a conveyor belt one unless your case is straight forward

SonOf wrote: »

The cashback is just a rebate of some of the commission. Unless you are in London or the expensive parts of the South East then the commission is not a lot and the rebate won't be much either.


Factory line mortgage brokers are fine with simple cases. They tend to fall down if things become more complicated or you are pushing lending limits.

Some of the sites are offering the lowest and best interest rates that I can find but with £300+ cashback also. I am tempted as I was planning on going direct anyways.


Our case should be relatively straight forward (?) as we are below 60% LTV and just doing a remortgage.

seriously

ACG wrote: »

Mortgage Genie says they may charge a fee.
I cant even find the cashbackremortgagequote site.

Are you saying they are finding a deal that pays cashback or they are offering a percentage of the commission back?

If the former, we have deals that pay up £1,000 cashback, but usually that will be built in to the cost somewhere. £1,000 cashback on a £100k mortgage with a higher interest rate could be worthwhile.

£1000 on a £500,000 mortgage with a higher interest rate is probably a false economy.

If the latter and they are splitting the commission then you have to wonder where they are lacking when you think some brokers (us included) charge a fee. I remember seeing an image once that said fast, good, cheap - you can have any 2.

If you are getting cashback from the commission, then they are cheap but they are most likely not going to be quick as it is unlikely they will be able to afford to offer the same level of service we would - it will be a numbers game for them, pile it high and sell it cheap.

Thanks, yes I am very weary of it going wrong for me. I know what product I want and how to work out what is best for me financially but if going via one of these sites sets me £300+ for an 'easy' remortgage I may try.



As I can't post links, it's cashbackremortgagequote + co.uk. They are offering £375

house_help wrote: »

I used Habito via topcashback last year for my house move. £200k to £300k range mortgage so got £300 cashback.



We were a simple / straight forward case. I had already decided which lender and product I wanted. It came back on the list of options they provided with same cost etc.. as if gone direct.



For me no extra hassle to go through them so worth doing it for the £300. It tracked on TCB & paid few months after completion.


That said I don't think I would do it unless straight forward case. My first house purchase when it was tighter on affordability the broker proved their worth by steering down the right lender. In that case a broker to recommend product to suit circumstance rather than provide list and pick the cheapest if worth it even if no cashback etc.. It may be that Habito staff would have been able to do that also but I have no experience on using them with more difficult

Thank you for sharing your experience! It's good to hear as I was worried these sites weren't real. I think my case is very similar to you.