What is a cashback mortgage?
The lender pays you a cash sum (or other financial incentive) either at completion or afterwards. You can use this towards legal or survey fees, stamp duty, removals, or home improvements.
How cashback is determined
Amounts vary depending on the lender. Some offer a percentage of the mortgage advance (so the value fluctuates), while others provide a fixed, non-negotiable sum. Certain lenders require you to hold or open a current account to qualify.
Product pairing
Cashback offers are often associated with standard variable or tracker mortgages. Interest rates may or may not be higher; check the specific deal.
Early repayment
These products may include early repayment charges. If you repay the mortgage before the agreed term, the lender might ask for some or all of the cashback to be repaid.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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