Cashback Mortgages
A Cash Back Mortgage is one where the lender pays the borrower a sum of cash on completion (set-up) of the new mortgage. This sum or 'cashback' is either a fixed specified amount (e.g. £1,000), or a percentage of the amount borrowed (e.g. 4%). This cashback may be used for any purpose by the customer, eg. For the purchase of furniture or to decorate a new home. Purchasing a home can be an expensive business, so this initial cash injection may be of great benefit and importance.
Please be aware that lenders may impose a minimum time period with a cashback mortgage - should you pay off your mortgage in part or full prior to the end of this period, there may be a requirement to pay back some or all of the cashback as part of an early repayment charge. In addition, the rate of interest charged on cashback mortgages may be the lenders ‘standard variable rate’ (SVR).
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