Cashback Remortgages · Cashback
Cashback vs Free Legals on a Remortgage
Remortgage deals often offer either cashback or free legal work as an incentive. Knowing how to value each helps you compare like with like.
Valuing the incentives
Free legals remove a cost you would otherwise pay; cashback gives you money you can use for anything. To compare, estimate the legal cost you would avoid and set it against the cashback amount, then look at the rate and fees.
The best headline incentive is not always the cheapest overall.
How to decide
If you would pay for legal work anyway, free legals may be worth more than a small cashback; if you need flexible cash, cashback may suit. Weigh both within the total-cost comparison.
Sources and further reading
General mortgage information, not a personal recommendation. Lender criteria and scheme rules can change. Ask an adviser about your circumstances and a solicitor or tax adviser about legal or tax questions. Your home may be repossessed if you do not keep up repayments on your mortgage. Most buy-to-let mortgages are not regulated by the FCA.
Discuss the next step for your mortgage
Understand your options before you make a decision.