This means that customers choosing this option will pay an arrangement fee of £149.
Other features include:
*The peace of mind of paying a fixed interest rate for 10 years, of 6.74 per cent
*A refunded valuation fee, up to £405
*One of the highest cashback amounts available with any mortgage on the market.
Head of retail strategy, Tony Burdin, said: "The 11 per cent cashback deal has proved extremely popular, particularly with remortgage customers who perhaps need to release some of the equity in their property, whilst also generating cash without having to borrow extra.
"For example, they might need to fund a lifetime event such as paying for their children’s university education, a family wedding or a series of home improvements.
"In line with our commitment to responding to our customers’ needs, we decided to make this product even easier to access, by reducing the initial set up costs.
"Of course, the product also offers a number of other attractive features, including refunded valuation fees.’
The re-modelled 11 per cent cashback mortgage is just one of a number of products in the Scarborough’s new core range, launched this week.
Others include its two-year fixed rate mortgages with rates as low as 3.99 per cent; three-year fixes at as little as 4.59 per cent and five-year fixed rate products at rates as low as 4.99 per cent.
For customers who are not looking for a fixed rate, the Scarborough also offers a range of tracker products with rates starting at 4.39 per cent.
