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Mortgage perks are not a "decision-breaker"
16.05.2008
Although some lenders are offering customers extra incentives on mortgage products, they should not be thought of as a "decision-breaker" because a mortgage is a large investment, Moneyfacts has said.
Darren Cook, head of mortgages for the company, said added 'perks' may give a mortgage package extra value, but they are unlikely to be high on the list of priorities for people remortgaging their homes or seeking new deals.
Last week, Lloyds TSB launched its Air Miles mortgage on a range of three year fixed-rate products with interest rates from 5.89 per cent.
The product allows borrowers to earn 6,000 Air Miles upfront and a further 50 Air Miles every month when they make a mortgage repayment.
"Within the mortgage market, [gimmicks] are few and far between. If you look at the mortgage in its entirety, you need to look at whether that product is suitable for the individual," Mr Cook commented.
Darren Cook, head of mortgages for the company, said added 'perks' may give a mortgage package extra value, but they are unlikely to be high on the list of priorities for people remortgaging their homes or seeking new deals.
Last week, Lloyds TSB launched its Air Miles mortgage on a range of three year fixed-rate products with interest rates from 5.89 per cent.
The product allows borrowers to earn 6,000 Air Miles upfront and a further 50 Air Miles every month when they make a mortgage repayment.
"Within the mortgage market, [gimmicks] are few and far between. If you look at the mortgage in its entirety, you need to look at whether that product is suitable for the individual," Mr Cook commented.