Cashback Mortgages
Tailored rates with firstmortgage.co.uk
Cashback mortgages can be very useful deals for first time buyers, helping to cover initial costs.
First Mortgage can find a great value cashback mortgage for you. With access to every lender and mortgage provider in the UK, we have a whole of market choice, saving you time, effort and money. And, unlike most mortgage brokers, we won’t charge you anything for our service.
What is a cashback mortgage?
Cashback mortgages offer an initial lump sum that can be used for costs such as legal fees, stamp duty, removals, new furniture or home repairs. The mortgage deal usually allows you to borrow up to 95% of the property value, with cashback of around 5-6%. Lenders commonly arrange cashback mortgages as standard variable rate or tracker mortgages. In some cases, the cashback is paid upon completion of the mortgage. There may be early repayment charges if the mortgage is repaid before the end of the term.
Other mortgage rate types...
Depending on your circumstances, each mortgage will offer you different pros and cons. Click on one of the types listed below to learn more:
Fixed - pay a set rate of interest for an agreed period
Tracker - your interest rises and falls in line with bank interest rates
Discounted - offers a small discount on the lender’s standard variable interest rate
Flexible - vary your monthly repayments
Capped - your interest rate won’t rise above an agreed level for a set period of time
Offset - similar to a cashback mortgage, offset arrangements hold all of your other borrowings with the same lender
Call us on 0845 603 1525 for a FREE consultation with one of our friendly and experienced team. We are happy to discuss your situation and help you choose the best option for you.
Further mortgage and property resources:
BBC Your Money | Financial Services Authority | Royal Institution of Chartered Surveyors | Council of Mortgage Lenders | Citizens Advice Bureau
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