Cashback mortgages can be very useful deals for first time buyers and homemovers, providing a cashback upon completion to help to cover initial home set up costs.
First Mortgage have access to all lenders and mortgage providers in the UK and with our whole of market choice, we can compare all cashback mortgages for you, 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 up to 5%. Lenders tend to 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
Contact your local branch today or call us on 0345 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.