Perks 'not a decision-breaker' for mortgage borrowers

Compare tariffs and switch energy supplier in minutes

Compare energy deals and switch supplier to cut your energy bills by £447* a year - start saving money in a matter of minutes!

in partnership with Banner uswitch

Looking to switch your business energy supplier? Click here

* Between 1 Jul 2018 and 31 Dec 2018, at least 10% of people who switched energy supplier for both gas & electricity with uSwitch saved £447 or more.

Perks and added extras have been described as not a "decision-breaker" for people looking to take out a mortgage.

According to Darren Cook, the head of mortgages for Moneyfacts, such incentives only add "a little bit more value" to such a product.

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.

Cookies help us deliver our services. By using our services, you agree to our use of cookies. Learn more