FAQs

What is Mortgage Rewards?

Mortgage Rewards is a unique service designed to help homeowners pay their mortgage off faster.

Think along the lines of a traditional cashback website like Quidco or TopCashback, but with the pounds and pennies you accumulate from everyday retail purchases being automatically paid off your mortgage as an overpayment.

Why do you pay Mortgage Rewards off my mortgage?

For most of us, a mortgage is the biggest financial commitment we will ever take on. So, the reality is, paying your mortgage off early could save you thousands in interest payments and help you reach mortgage freedom faster.

Essentially, any money paid off your mortgage has the effect of being multiplied. Your balance goes down so you pay less interest (usually straight away) allowing you to pay your mortgage off ahead of time.

In other words, every penny paid off your mortgage could be worth a lot more to you.

How can I sign up?

Mortgage Rewards is only available through mortgage brokers.

Your mortgage broker can either create an account for you, or invite you to sign up to the service yourself (via an email invite).

If you haven't been invited yet, contact your mortgage broker today to see if they can provide our service to you.

How much does Mortgage Rewards cost?

You pay nothing, not a penny.

We make money by charging mortgage brokers a small monthly fee for them to be able to reward their clients through the service.

Which retailers are you partnered with and how do I earn rewards?

We are currently partnered with more than 100 of the UK's leading UK brands, with new retailers being added to our platform on a regular basis.

We collect cashback from these retailers when our users make qualifying purchases after clicking directly through the links displayed within the Mortgage Rewards platform.

We then rebate this cashback to you in the form of an overpayment when you next switch your broker next helps you switch your mortgage.

How will I know how much I've earned using Mortgage Rewards?

We track all of the rewards you've earned, so you're able to see your cleared and pending balance whenever you're logged into our platform. We can only consider a cashback payment as being cleared once it's been confirmed via the retailer.

We also sent out a monthly rewards statement by email.

Why haven't I earned rewards for a purchase I have made?

The vast majority of purchases made through the links that we provide will be tracked correctly and will qualify for cashback. However, there can be times where for reasons out of our control, the purchase does not track or does not qualify for cashback.

For example, making a purchase while in a private browsing session is likely to result in a purchase not being tracked. Similarly, opening a new browser session and heading directly to a retailer's website may also result in a purchase not being tracked.

Another reason for not earning cashback on a purchase could be down to the use of a promotional code. Some retailers do not allow commission to be paid if a promotional code or voucher code has been used at the time of making a purchase.

I've received less cashback than I was expecting. Why could that be?

We advertise the cashback rates available at any retailer as "Up to" amounts. This is because each retailer can have different criteria for earning different levels of cashback.

Cashback levels can differ for new and existing customers of a retailer, as well as across the different types of products that a retailer sells. For example, an electronics item purchased via a particular retailer may earn a different amount of cashback compared to a sofa.

Some retailers also offer different amounts of cashback depending on whether or not a promotional voucher code was used at the time of purchase.

Another cause for varying levels of cashback is VAT. Some retails pay cashback on the entire cost of the purchase, including the VAT, whereas others will only pay cashback on the purchase price minus the VAT.

Delivery costs are also unlikely to be included in the amount that qualifies for cashback.

What is mortgage switching?

Over the lifetime of a mortgage, switching to the best rate available can save you thousands of pounds.

The Mortgage Rewards service has been built to ensure you receive professional mortgage advice from your trusted broker at just the right time,

You can find out more about how switching works here.

What are mortgage overpayments?

Overpaying your mortgage with any spare cash can be a financial no-brainer. Your debt comes down quicker and you don’t pay interest on the amount you overpay.

Overpaying a regular amount each month, or a lump sum, are both great ways to help you get to mortgage freedom faster. But, as with any important financial decision, there are some very key points to bear in mind. For example....

(1) Most mortgage lenders will generally allow you to overpay by up to 10% of your balance per year (without incurring a financial penalty), but this will depend on the type of product you’re currently on, so it’s always best to check.

(2) It's always worth considering paying off any high interest-bearing debts first, such as expensive loans and credit cards.