What is a Cashback Mortgage?

A cashback mortgage normally gives you a lump sum cash amount when your mortgage begins. Cashback incentives only apply to certain mortgages and may be a fixed amount or a percentage of the mortgage. Cashback mortgages are not always available but can be great for borrowers requiring a lump sum to install a new kitchen or bathroom for example. The disadvantage of a cashback mortgage is that the interest rate is normally higher than average.

To find if there are any cashback mortgages available on the market today, call our specialist residential mortgage advisers on 0845 148 9165.