Your Circumstances
Cash Back Mortgage
As the name suggests the lender will give a cash lump sum in return for taking out a mortgage with them. The cash sum will normally be accompanied by a requirement to keep the mortgage with the lender for a specified number of years. Failure to do so will mean that part or all of the cash back is repayable to the lender.
If you move property the requirement to repay the cash may be waived provided the new mortgage is taken out with the same lender.
Cash Back mortgages are usually charged at the lenders variable mortgage rate although the can be linked with any of the other types of mortgage.
Its your choice
“We do not usually charge a fee for mortgage advice. However you do have the option to pay a fee of eg: 1.5% of the loan value and then you would receive any commission payable by the lender."
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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