What Are Cashback Mortgages - and How Do They Work?
Cashback mortgages are an option that is offered by many UK lenders - but the main problem can be working out whether this sort of mortgage is right for you, and which lender to apply to.
The Revolution Brokers team regularly supports clients seeking a cashback mortgage who have been turned down due to a low credit score, or due to variable income streams.
Let's explain how cashback mortgage work, whom they're best for, and how to establish whether you're getting a good deal. For more advice from the independent mortgage experts, contact Revolution Brokers on 0330 304 3040, or email the team at [email protected].
What are Cashback Mortgages and How do they Work?
In essence, a cashback mortgage gives you an incentive to choose this product, with a cash payback. You can choose between multiple different types of offer, each of which will differ with the lender, and the incentives available.
There are also terms and conditions about the cashback incentive, so it's vital to understand how this impacts your overall costs.
Usually, you get the cashback when the mortgage completes. Your lender must let you know what the cashback value will be, when it will be released, and what the conditions are.
In some cases, you get the cash as a lump sum via bank transfer, and in others, it is sent to your solicitor and used to cover their fees.
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2023-05-09 
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