Cashback Mortgages
A cashback mortgage is an arrangement where the lender pays or rebates to the borrower a sum of money (or some other form of financial benefit/incentive) either on completion of the mortgage or at a later stage. The borrower can use the cashback to help pay some of their property purchase costs such as legal and surveying costs, stamp duty, removals charges or home improvements and repairs.
The amount of cashback the borrower will receive depends on the lender’s requirements: sometimes it is calculated as a percentage of the total mortgage advance and will therefore vary in value, or it may be a fixed and non-negotiable amount. Some mortgage providers insist that the borrower already holds (or opens) a current account with them before they qualify for cashback.
Cashback mortgages are usually associated with standard variable rate or tracker mortgages, although the rate of interest may or may not be higher.
As well as applying an early repayment charge, if a cashback mortgage is redeemed before the end of the agreed term, the lender may ask the borrower to repay all or part of the cashback.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Other Areas Of Expertise
Debt Consolidation
Consolidate your debts into one manageable monthly sum with a debt consolidation mortgage. Debt consolidation mortgages allow you to reduce your monthly outgoings by consolidating all your
... Read moreProtection
It is quite natural for most people to want to make sure their families (and themselves) are going to be financially secure in the event of loss of income, illness or worse. But with the usual pulls
... Read moreLife Assurance
The main purpose of Life Assurance is to provide money for those people who may depend on you financially, in the event that something should happen to you
... Read more
Household Insurance
There are two types of household insurance - buildings and contents. They are separate entities and you can either search for two individual policies, or buy them as a joint policy
... Read more
The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
GT Mortgages is an appointed representative of TenetLime Limited which is authorised and regulated by the Financial Conduct Authority. TenetLime Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference 311266.
GT Mortgages Ltd - Registered in Scotland No. SC298635 - Registered Office: 10 Bank Street, Falkirk, FK1 1NB
Newsletter Sign Up
Contact Details
GT Mortgages
10 Bank Street
Falkirk
Stirlingshire
FK1 1NB
Phone : 01324 622226