Mortgage Knowledge Base
Cashback mortgages are a type of mortgage product offered by UK lenders that give borrowers an upfront lump sum when their mortgage is completed.
This cashback can be used for any purpose and is popular with first time buyers as it can help with the purchase costs such as legal fees and surveys. The amount of cashback varies depending on the lender, sometimes a fixed amount and sometimes a percentage of the mortgage borrowed.
However, it is worth noting that these mortgages may come with higher interest rates and fees compared to other types of home loans, so it is essential to carefully consider the overall cost of the mortgage before accepting a cashback offer.
