Cashback Mortgages
Are you looking for a cashback mortgage? Our mortgage advisers can help you find the right home loan for your circumstances.
A cashback mortgage is an arrangement where the lender pays or rebates to the borrower a sum of money (or some other form of financial benefit/incentive) either on completion of the mortgage or at a later stage. The borrower can use the cashback to help pay some of their property purchase costs such as legal and surveying costs, stamp duty, removals charges or home improvements and repairs.
The amount of cashback the borrower will receive depends on the lender’s requirements: sometimes it is calculated as a percentage of the total mortgage advance and will therefore vary in value, or it may be a fixed and non-negotiable amount. Some mortgage providers insist that the borrower already holds (or opens) a current account with them before they qualify for cashback.
Cashback mortgages are usually associated with standard variable rate or tracker mortgages, although the rate of interest may or may not be higher.
As well as applying an early repayment charge, if a cashback mortgage is redeemed before the end of the agreed term, the lender may ask the borrower to repay all or part of the cashback.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
Our mortgage advisers are based in Central London and have extensive experience in sourcing cashback mortgages. If you’re looking for advice on a cashback mortgage, our advisers will help you to find the right deal from the various lenders.
Are you looking for a cashback mortgage? Our mortgage advisers can help you find the right home loan for your circumstances.
A cashback mortgage is an arrangement where the lender pays or rebates to the borrower a sum of money (or some other form of financial benefit/incentive) either on completion of the mortgage or at a later stage. The borrower can use the cashback to help pay some of their property purchase costs such as legal and surveying costs, stamp duty, removals charges or home improvements and repairs.
The amount of cashback the borrower will receive depends on the lender’s requirements: sometimes it is calculated as a percentage of the total mortgage advance and will therefore vary in value, or it may be a fixed and non-negotiable amount. Some mortgage providers insist that the borrower already holds (or opens) a current account with them before they qualify for cashback.
Cashback mortgages are usually associated with standard variable rate or tracker mortgages, although the rate of interest may or may not be higher.
As well as applying an early repayment charge, if a cashback mortgage is redeemed before the end of the agreed term, the lender may ask the borrower to repay all or part of the cashback.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
Our mortgage advisers are based in Central London and have extensive experience in sourcing cashback mortgages. If you’re looking for advice on a cashback mortgage, our advisers will help you to find the right deal from the various lenders.
