Cashback Mortgages
ADVICE
Cashback mortgages are a great way to get something back from your mortgage, but before you rush to apply for one it’s important to ensure that it’s suitable for you and your financial situation. This is where we can help. Our team of expert mortgage advisers are based in Cambridge and help clients across the country. We can help you find the best cashback mortgage deal suitable for your circumstances.
WHAT IS A CASHBACK MORTGAGE?
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.
CONTACT OUR MORTGAGE ADVISERS TODAY
If you’re looking for advice on cashback mortgages, get in touch with our expert Cambridge based mortgage brokers. We serve clients in Cambridge, Bedford, Bury St Edmonds, Huntingdon, and Saffron Walden but have experience providing mortgage advice to clients all over the UK. Call us on 01223 365340 or 07773 793349 today or click on our mortgage enquiry form above to send us a message.
ADVICE
Cashback mortgages are a great way to get something back from your mortgage, but before you rush to apply for one it’s important to ensure that it’s suitable for you and your financial situation. This is where we can help. Our team of expert mortgage advisers are based in Cambridge and help clients across the country. We can help you find the best cashback mortgage deal suitable for your circumstances.
WHAT IS A CASHBACK MORTGAGE?
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.
CONTACT OUR MORTGAGE ADVISERS TODAY
If you’re looking for advice on cashback mortgages, get in touch with our expert Cambridge based mortgage brokers. We serve clients in Cambridge, Bedford, Bury St Edmonds, Huntingdon, and Saffron Walden but have experience providing mortgage advice to clients all over the UK. Call us on 01223 365340 or 07773 793349 today or click on our mortgage enquiry form above to send us a message.
