Worry over ‘cashback mortgage lure’

Most would-be-homeowners and existing borrowers have a good knowledge of the costs and types of mortgages, but many are “lured” by cashback offers by banks that may not be the best choice, a survey by a mortgage broker reveals.

The survey, by Mortgages4Her, found that borrowers are much more “educated” about mortgage products than people were before the financial crash, with most people understanding the types of mortgages and the Central Bank’s income rules for qualifying for a home loan. The broker said it was “highly” encouraged by the findings, because the more borrowers knew, “the better your chances of getting the best value and the best product”.