Cashback mortgages offer an incentive by giving you a cash lump sum.
Although this is an enticing feature, some catches do apply so you should ensure that this mortgage is right for you before committing to it. Mortgage cashback sums can vary from £200 and £1000 (in some occasions even a set % of the mortgage amount so can be very much larger) and the money is usually paid once the mortgage initially begins or a few months after the mortgage term has started.
Cashback mortgages usually come with slightly higher interest rates compared to regular mortgage deals that are found on the market. You will also find that many of these mortgages have extra restriction on making early repayments. However, if you could benefit from the extra money, such as covering moving costs or purchasing furniture, this cashback on mortgage payments could be more useful for you.
When you have applied for cashback mortgage scheme, the lender will process the mortgage application as normal.
Once you have received the approval of your application, and the mortgage has completed your cashback will be paid, and you will be able to spend this as you please. In some cases, with cashback mortgages on down payments, you may have to wait until you have made your first month’s mortgage repayment.
If you require more information or have any questions regarding cashback remortgages, get in touch with us today.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up the repayments on your mortgage.
Mortgages from over 50 lenders
Over 17 years Experience With Excellent Customer Service
5* Reviews from Satisfied customers
“Stuart and Sharon have arranged a buy-to-let mortgage, a mortgage for our first home together, a re-mortgage and have now helped us port over our mortgage to a new house. The service they have provided has been consistently amazing, especially as our purchases have never been straight forward. I would recommend them to anyone.” Dominic, Surrey
“Stuart was recommended to me by a friend and I would certainly continue that recommendation. He is very thorough and ensures you know all the options. Stuart makes the process clear and you feel informed the whole way. Thanks Stuart” Danielle C, Hemel Hempstead
“Stuart is an expert in his field, giving great objective advice after careful and deliberate diagnosis of what we were after. I can confirm he is also a very patient man. Highly recommended!” Alex C, Leighton Buzzard
“Remortgage quickly sorted out today via phone/email. All options explained and discussed and I’m very happy with the outcome. Thoroughly recommend.” Craig B, Sunny Scotland
Book An Appointment If you would like to arrange a telephone call or meeting, please fill in your details below and we will respond as soon as possible.