Due
to the heavy increase in mortgage activity this year, we have seen many lenders
competing to offer the most attractive mortgage rates along with added
incentives. Leeds Building Society as an
example, did shakeup of their buy-to-let products and offered free valuation
and free legal advice. Halifax are offering cash back to first time buyers with
a Halifax current account.
This
week we also saw builders using incentives to attract a large proportion of the
busy property market. As reported in the Yorkshire Evening Post, Ben Bailey
Homes launched an exclusive ‘Express Move’ incentive. “The scheme has been
designed to help buyers find their perfect home at the development and move in
quickly. Those who reserve a property this summer can benefit from a whole host
of added extras, with stamp duty paid, legal fees and mortgage valuation fees
covered and a themed landscaped garden worth £5,000 included in the price”.
The
incentives offered don’t just stop at free legal advice and fancy gardens, one
Russian bank took the incentives to a whole new level and has begun offering
cats to clients who obtained a mortgage through them! (http://www.bbc.co.uk/news/blogs-news-from-elsewhere-28951981)
As
always it is important to look passed the initial incentives that lenders offer
no matter how great they may seem. It is very important to look at the whole
picture. Although getting cashback and free cats sounds great, these products
aren’t always the best option to take.
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