The number of money-back mortgages available to consumers has plummeted by a staggering 82% in the last six months, according to a study conducted by CashbackRemortgages.co.uk.
The research comes as CashbackRemortgages.co.uk research revealed that if UK homeowners had used specialist remortgaging brokers, who halve their fees with clients, they would have been entitled to a share of £181m.
This means that savvy consumers who utilise these brokers will get double returns by receiving both the cashback incentive from the lender and the remuneration share of the broker’s procurement fee.
However, despite the number of reimbursement products falling, the average cashback amount has risen by over £100 since last year. The average amount available on cashback is now £467, a rise of £101 since May 2017.
Commenting, CashbackRemortgages.co.uk founder Suchit Sethi said: “With only 4% of mortgage market products offering cashback, consumers need to wake up and realise they can get money for nothing by using a cashback broker.
“You would not rest on your laurels if you were overpaying for energy and phone products and yet, with one of the most important investments you can make, it’s mad to think that people are essentially throwing away free money.
"More people are remortgaging due to the uncertainty surrounding Brexit, and by using a cashback broker they are doubling their money in some cases. It is money for nothing and in the present climate people cannot afford to be throwing away these incentives.”
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