Cashback mortgages provide you with a lump sum on completion of the mortgage arrangement. The amount of cash is usually calculated as a percentage of the amount borrowed.
Cashback mortgages can be useful to help pay for the fixtures and fittings of a new home for borrowers who are stretched because they have put all of their funds into a deposit to get a mortgage.
Applicants who apply for a cashback mortgage should consider the fact that this money will be added onto the amount borrowed and interest will be charged and there could be cheaper ways of borrowing the money.
- Amex raises 5% cashback offer for first three months to £2,500
- Clydesdale and Yorkshire Banks bring in lower rate mortgages
- Sainsbury's Bank launches new Nectar and cashback credit cards
- Cashback mortgages
- Santander 123 cashback credit card offers summer bonus
- Metro Bank cuts rates on two-year fix and tracker mortgages
- Earn £30 cashback by switching energy provider or tariff
- Clydesdale and Yorkshire cut fees on new fixed rate mortgages
- HSBC and Yorkshire BS pull out of interest-only mortgages
- First Direct launch three new best-buy fixed rate mortgages