Cashback mortgages
A Cashback Mortgage offers you the opportunity to borrow back a lump sum when you take out your mortgage. Although cashback amounts in the region of 1% to 3% are fairly common, the percentage of the loan that is given as cashback can be as high as 10%.
Advantages
- Useful if you need to have funds available more or less immediately after the mortgage is completed
- Ideal for first time buyers where the cashback is often used to buy furniture, fittings or other mod cons or to cover the cost of stamp duty, surveys, legal fees or other such incidentals
- Open to all borrowers (not just first time buyers) who may wish to purchase a new car or do some home improvements
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