Cashback mortgages

UK Cash Back Mortgages

With this particular mortgage you get a single lump sum of money back. This is either at the point that you take out the loan or after the first month's repayment.

Usually a percentage of the amount borrowed and it is designed to be an incentive for borrowers who have decided that they will need a cash injection whey they buy a new home.

Most of these deals offer around 3% to 4%. It is possible to find deals that will offer as much as 10% but the higher the percentage the longer you are likely to be tied in for.

There are of course some strings attached to this arrangement. If you want to move to another lender or pay off a lump sum within any tie in period, you will have to pay an early redemption charge. This will most likely mean that you would be paying back the original cash sum.

The size of the cashback sum is usually linked to the percentage of the property value you are borrowing. Some are only available on mortgages with a 75% loan to value.

Apply for a UK cash back Mortgage

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