Moneysavingexpert Mortgage Cashback

msn

Hi

Does anyone know how to get the cashbvack advertised on this website's mortgage comparison tool? Many deals say £xxx cashback beneath them but nowhere obvious to click to check out the details.

Thanks in advance

ec9wrr

That refers to cashback paid to you by lender. You don’t need to do anything special, it’s just gets paid on completion.
Make sure you check your mortgage with a broker though and don’t just use Best Buy tables / MSE.
Some brokers pay cashback through topcashback etc which is in addition to the cashback you’re meaning.

SonOf

And some deals factor cashbacks into their interest rate or charges and you may be better off with a clean deal without gimmicks

msn

Thanks both. Trying habito brokers

My banks offering 1.79% but also noticed another bank on the best buy tables offering the same rate + '£500 cashback' will look into that, I'd presumed it was via MSE ...didn;t realise it was open to all.

scholesfan88

msn wrote: »

Thanks both. Trying habito brokers

My banks offering 1.79% but also noticed another bank on the best buy tables offering the same rate + '£500 cashback' will look into that, I'd presumed it was via MSE ...didn;t realise it was open to all.

The £500 cashback is usually paid to your solicitor who then deducts it from your final bill.

I know alot have been confused by this on previous postings on the board.

Retired_Mortgage_Adviser

When the broker gives you a recommendation, they will have considered any lender cashback etc in their assessment of the most suitable product. Post completion, the lender cashback will either be paid to your solicitor or direct to your bank account used for the mortgage direct debit.

As an MSE'r I'm sure you already know..if you're using Habito, make sure you go through a cashback site like TCB/Quidco for additional broker cashback on top.

msn wrote: »

Thanks both. Trying habito brokers

My banks offering 1.79% but also noticed another bank on the best buy tables offering the same rate + '£500 cashback' will look into that, I'd presumed it was via MSE ...didn;t realise it was open to all.

msn

Retired_Mortgage_Adviser wrote: »

When the broker gives you a recommendation, they will have considered any lender cashback etc in their assessment of the most suitable product. Post completion, the lender cashback will either be paid to your solicitor or direct to your bank account used for the mortgage direct debit.

As an MSE'r I'm sure you already know..if you're using Habito, make sure you go through a cashback site like TCB/Quidco for additional broker cashback on top.

Thanks R.M.A - yes, thanks almost wish I was borrowing 400k for the upper cashback limit!

As a retired advisor may I cheekily ask for some advice? I'm getting a new mortgage, I'd paid off 7 years of my old one and don't really want to be back to 25 years again however like the flexibilty of a carrer change as an option - I plan on taking out the mortgage contractually for 25 years but over paying the amount inline to hitting 18 years...are there any drawbacks to that that I may have overlooked?
The lender I'm looking at allows unlimited overpayments.

I'd previously used an offset mortgage which was fantastic and gave me a lot of flexibility (I was able to take out equity whenever I liked) however they now look to be very difficult to get so will be fixing.

Retired_Mortgage_Adviser

If you trust yourself to stay disciplined with overpayments, I generally recommend that you go for the longest term possible so your monthly commitment is as low as possible but you retain the freedom to overpay and thus achieve the same effect as having a shorter term. You clearly already know that.

This sets you up best for unforeseen events, flexibility, future cashflow issues, etc without the millstone of an unnecessarily large monthly payment that you HAVE to make.

But if your aim is to overpay enough to get a 25 year mortgage down to 18 years, do you really need one which allows unlimited overpayments (ie are you unnecessarily limiting your options)? Almost all lenders allow 10% overpayments fee-free in a year and that should be more than enough to achieve your aim.

msn

Retired_Mortgage_Adviser wrote: »

If you trust yourself to stay disciplined with overpayments, I generally recommend that you go for the longest term possible so your monthly commitment is as low as possible but you retain the freedom to overpay and thus achieve the same effect as having a shorter term. You clearly already know that.

This sets you up best for unforeseen events, flexibility, future cashflow issues, etc without the millstone of an unnecessarily large monthly payment that you HAVE to make.

But if your aim is to overpay enough to get a 25 year mortgage down to 18 years, do you really need one which allows unlimited overpayments (ie are you unnecessarily limiting your options)? Almost all lenders allow 10% overpayments fee-free in a year and that should be more than enough to achieve your aim.

Thanks, that's really reassuring.

That's a good point, though I'm looking at this lender because they were good with my last mortgage (let me off the exit fees for some reason amongst other decentness) nearest other with 10% overpayments is just 0.05% less which won't make a huge difference in a few years.