Cashback mortgages offer an incentive of giving you a cash lump sum to encourage people to take out a mortgage with them. 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 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 tell you how much cashback you will receive after completing the application process and starting your mortgage repayments. Once you have received the approval of your application, 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.
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