How

How can I get a cashback?

Building societies tend to be more generous than banks on the cashback stakes with the likes of Chelsea, Dudley, Norwich & Peterborough, Scarborough and Tipton & Coseley coming out on top when researcher Moneyfacts looks at the market. Northern Rock bank also dips into and out of the cash back market at different times so it is always worth checking who is offering what. Some of the big high street banks also offer limited cash backs on an occasional basis – perhaps offering a set £500 when you complete your loan with them.

The lowest of the big cash back payments tend to be 6 per cent of your mortgage amount, the highest tend to be 10 per cent. And several of these lenders also offer free legal work and free valuations so you avoid other costs when you pick the deals. The mortgage fees – around £395 according to Moneyfacts – can also be lower than average. Even people with very low mortgage needs can take advantage as these loans tend to have minimums as low as £20,000 – much lower than many other deals.