CASH BACK MORTGAGES

Some mortgage lenders offer cash back as an incentive to take on their mortgage this means that you will receive a lump sum of cash upon completion of the property purchase, either as a percentage of the mortgage or a fixed sum.

Its a good way of affording home improvements or extensions to a new home, at a time when many would not be able to afford the additional cost on top of their mortgage repayments. In practice, you can use the cash back for whatever you want!

There is another way of achieving the same result as with a cash back mortgage, simply ask for a bigger loan than you need to buy your property, and use the extra to make your home improvements. The cash back mortgage offers you an amount from, say, 200 up to 1000 as a flat amount, or it may be a percentage of the loan. An example would be when some lenders will offer a variable rate loan at 6.99% with 7% of the loan offered as cash back to you. With a loan of 100,000, this is a not insubstantial sum of 7000, which will come in very useful when buying your new home. However, the deal is actually quite expensive, with the high standard variable rate, and the loan is only available for up to 90% of the value of the home.

 

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