Cashback Mortgage

Cashback

Cashback mortgages involve the mortgage provider paying a lump sum to you the borrower at the completion of your mortgage term, either as a set amount or as a percentage of the amount paid.

Cashback Mortgages

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Cash Back mortgages are a way for borrowers to get a lump sum of money from their lender that is in addition to the amount of the original loan. Itís usually paid on completion of the transaction. The cash can be used for any purpose and the amount of cash given back may be a fixed value perhaps £1000 or it may be a percentage of the mortgage up to a set limit.
A typical example of the figures would be 2% of the original mortgage amount up to £12,000 but the range and variation of Cash Back mortgages on the market are almost endless.

Cash Back Concept
The concept of cash back on transactions is one that is widely used as a sales incentive these days whether itís in connection with buying a car or household appliance. Some large developers even run cash back schemes on the purchase of new homes to entice first time buyers in a competitive market. Cash Back is now a term that most people recognise and it is not surprising that it can be linked to the selection of a mortgage. The offer of cash back always makes a noticeable splash and helps to make products stand out against similar offerings.

Like all incentives it has its downsides but the lure of releasing some money to use immediately often makes it an attractive option for borrowers especially to first time buyers who often have less ready cash available to them.

Still A Popular Choice
For borrowers looking for a Cash Back mortgage there are plenty on offer and the large established lenders have all responded to the popular demand by providing Cash Back options. A casual perusal of the major lenders offerings will soon show you that the fashion for Cash Back deals has not diminished. However, as with any promotional offer itís always wise to look at why the offer is being made and whether as a customer you really are getting value from the deal.

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Typical Interest Payments

First Time Buyers

2.89%

Purchased Fixed

2.89%

Discounted Rate

2.99%

Buy To Let

2.99%

Commercial

3%

 

 

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