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  • Cashback Mortgages

Cashback Mortgages

A cashback mortgage is an arrangement where the lender pays or rebates to the borrower a sum of money (or some other form of financial benefit/incentive) either on completion of the mortgage or at a later stage. The borrower can use the cashback to help pay some of their property purchase costs such as legal and surveying costs, stamp duty, removals charges or home improvements and repairs.

The amount of cashback the borrower will receive depends on the lender’s requirements: sometimes it is calculated as a percentage of the total mortgage advance and will therefore vary in value, or it may be a fixed and non-negotiable amount. Some mortgage providers insist that the borrower already holds (or opens) a current account with them before they qualify for cashback.

Cashback mortgages are usually associated with standard variable rate or tracker mortgages, although the rate of interest may or may not be higher.

As well as applying an early repayment charge, if a cashback mortgage is redeemed before the end of the agreed term, the lender may ask the borrower to repay all or part of the cashback.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
 

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Company address: Premier Financial Planning (Cheadle) Ltd, 63 Cheadle Road, Cheadle Hulme, Stockport, Cheshire, SK8 5EU
T: 0161 482 8888 F: 0161 482 8899 Email: info@premiercheadle.com

Premier Financial Planning (Cheadle) Ltd is an appointed representative of TenetConnect Limited, which is authorised and regulated by the Financial Conduct Authority. TenetConnect Limited is entered on the Financial Services Register (www.fca.org.uk/register) under reference 149826.

Premier Financial Planning (Cheadle) Ltd is registered in England and Wales under reference 06542655
Registered office address: 63 Cheadle Road, Cheadle, Cheshire, SK8 5EU

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