Yorkshire Bank and Clydesdale Bank are the latest lenders to review and release a new product range with varying incentives to appeal to the borrowers’ market.

While the actual rates are by no means the lowest out there, they need only a 10 or 15 percent deposit and are fee free, so cost nothing to secure, as well as offering £500 cashback. With the associated costs of buying a property, homebuyers are glad of any area or incentives that will help keep costs down.

The cashback factor is a growing trend when lenders are looking at increasing their market share and want to attract new borrowers, with Lloyds and Virgin Money having also recently jumped on the cashback bandwagon. The wholesale market has been subjected to rising costs, making it tougher for lenders to provide lower interest rates for borrowers

With house prices on the increase, the deposit needed is growing, which is a huge pressure on borrowers, particularly first-time buyers with no existing equity. Lenders requiring a lower deposit, offering competitive rates and providing a cashback incentive stand out.

Following the implementation of new tighter regulations by the Financial Conduct Authority, after carrying out the Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review, more people are seeking the advice of professionals who have successfully completed CeMAP training to recommend the deal that’s most suitable for them.

A fully qualified mortgage advisor is able to assess a borrower’s wants and needs, and put forward the lenders most appropriate package, factoring the incentives on offer.

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