He explained that as a mortgage is such a "massive investment", issues like perks tend to not be high on a borrower's priority list when choosing a deal.
"Within the mortgage market [gimmicks] are few and far between," he explained.
"If you look at the mortgage in its entirety, you need to look at whether that product is suitable for the individual."
Mr Cook made his comments after Lloyds TSB recently launched a new mortgage which features an Airmiles scheme.
It offers customers the chance to earn around 6,000 of the points upfront and 50 more for each monthly repayment.
The incentive scheme is offered on the provider's three-year fixed-rate products, which include rates from 5.89 per cent.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.