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Freebies may be not as free as they seem

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    A financial information provider has warned buy-to-let mortgage borrowers not to be lured by freebies when looking to switch their mortgage provider.
    With nearly 43 more buy-to-let products on the market than three years ago, says Moneyfacts.co.uk, many lenders are offering freebies as incentives to lure potential new customers. Freebies can include free or reduced valuation and legal fees or cashbacks and could be worth up to £1,000.
    "With remortgage incentives almost becoming the norm rather than the exception, consumers would be well advised not to be swayed solely by short term offers without taking appropriate financial advice to ensure they take the right deal to fit their circumstances," advised Alan Harper, Moneyfacts.co.uk senior researcher.
    While savings resulting from freebies can provide useful cash for borrowers to invest in property improvements, says the company, borrowers should bear in mind that lenders will often recoup the value of these freebies in another way.
    The company found that for the cheapest variable rates for a loan of £100,000 on a £150,000 property, a consumer would end up paying slightly more over a period of ten years on products with an incentive than on products without one.




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