Cashback mortgages
At the beginning of your mortgage you receive a lump sum - usually around 5% of your mortgage. The mortgage itself is a standard variable rate.
Pros:
- Useful if you need capital to cover costs: survey fees, moving costs, stamp duty etc
- Your cash sum could compensate for any rises in interest rates during the penalty period
Cons:
- Early Repayment charges could be higher, and apply for a longer period
- Often the cashback is repayable if you change mortgage within a set period
Disclaimer: This material is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make any decisions. Always obtain independent, professional advice.
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